WORLD COFFEE PRODUCTION TO RISE TO 173.7 MLN BAGS IN2018/19

摘要

Arabica futures in New York fell to a 4-1/2-year low in early July as a recovery in Brazilian production in the current harvest as well as an unrelenting weakening of the Brazilian currency is pressuring prices. The Brazilian real recently fell as lowas 3.9671 against the US dollar (compared with around 3.25 at this time last year) which raises returns in local currency for dollar-denominated coffee sales and therefore pressures prices in a competitive environment. As a result, the benchmark "C" contract for September delivery fell as low as 106.90c/lb on July 6, the lowest level for the second position since December 2013. Robusta coffee futures in London are also under pressure due to strong output in Vietnam and Brazil with the most-active September contract hitting USD 1,610 a tonne, the lowest level for the second position since May 2016. The arabica premium is currently at around 39c/1b.