The International Coffee Organization on Friday cut its forecast for global coffee production in 2017/18 to 158.56 million 60-kg bags, slightly below a previous forecast of 159.66 million.
The inter-governmental body now sees a global deficit of 1.36 million bags, up from a deficit of 254,000 bags which was anticipated a month ago.
Robusta production seen at 61.40 million, down from 62.24 million previously forecast.
Arabica production downwardly revised to 97.16 million vs 97.43 million
Global consumption forecast for 2017/18 was kept at 159.92 million.
The ICO also raised its forecast for the 2016/17 global coffee crop to 159.05 million from 157.69 million, taking the market into surplus for that season. It had previously seen a small deficit.
Comments
Comments are closed.