Global coffee news on October 8: Brazil's coffee output forecast for the 2024/25 crop year is 63 million bags

Published 2024년 10월 8일

Tridge summary

The article highlights a recent decline in coffee prices, specifically arabica and robusta, due to expected rainfall in Brazil, which is anticipated to benefit coffee tree blossoming. Despite this, Brazil's coffee production for 2024/25 is forecasted to decrease by 3 million bags to 63 million, with Vietnam's output also expected to be lower. The global coffee market, however, is projected to grow significantly from $132.13 billion in 2024 to $166.39 billion in 2029, driven by factors such as increased coffee consumption among youth, rising disposable incomes, urbanization, and the health benefits of coffee.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In the world market, arabica and robusta prices are at a one-month low, due to forecasts of rain in the world's largest coffee growing country - Brazil. Robusta futures for November 2024 on the London ICE fell 3.9% to $4,868/ton, after falling 8% last week. Arabica futures for December 2024 on the New York ICE fell 12.7 cents, or 4.9%, to 244.65 US cents/lb, after falling nearly 4.5% last week. Highlights: - Rain is expected across Brazil's major coffee growing regions this week, just in time to help the coffee trees blossom. This is an important period to consider the production outlook for the next crop. However, it is uncertain how the coffee trees will recover from the historic drought. The arrival of rain can only help reduce the loss of production. - According to consulting firm Hedgepoint, Brazil's coffee output in the 2024/25 crop year is forecast to reach 63 million bags, down 3 million bags compared to the previous crop year. Vietnam's coffee output is also estimated ...

Source: Vinanet