May 2024 Outlook Report: Coffee, Sugar, Tea and Cocoa

Mzingaye Ndubiwa
Published May 14, 2024
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- Key Indicators: Global freight prices are on a downward trend in Mar-24 and Apr-24 as global freight companies learn to navigate the tensions in the Middle East. However, freight prices will likely remain elevated as global ocean cargo demand is up year-on-year (YoY) and is expected to increase further in the coming months. The World Bank fertilizer index fell 4.66% between Dec-23 and Apr-24, indicating a subtle but consistent downward trend.
- Coffee: Brazilian coffee prices are forecast to increase due to supply constraints and increased Robusta demand. Low domestic supply is expected to put upward pressure on Colombian prices in May. Vietnamese coffee prices are predicted to increase due to potential weather concerns, specifically related to the El Niño phenomenon.
- Sugar: Ample supply is expected to keep prices stable in India. Sugar prices in Brazil are set to decline due to improved domestic supply, as most sugar mills in the country are now operational.
- Tea: Indian tea prices are expected to remain elevated in May owing to production concerns. Tridge predicts that tea prices in Kenya will trend upward due to supply constraints, while Sri Lankan prices are expected to trade high due to low production levels.
- Cocoa: Tridge forecasts that cocoa prices will remain elevated in May. This bullish trend will likely persist as supply challenges in West Africa remain unresolved.

Table of contents

Part I: Key Indicators

- Freight

- Fertilizer

Part II: Coffee

- ICO Composite Indicator

- Brazil

- Colombia

- Vietnam

Part III: Sugar

- FAO Sugar Index

- Brazil

- India

Part IV: Tea

- India

- Kenya

- Sri Lanka

Part V: Cocoa

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