LONDON: The International Coffee Organization on Wednesday raised its forecast for global coffee production in 2018/19 to 168.77 million 60-kg bags from 167.75 million.
The inter-governmental body now sees a global surplus of 3.92 million bags for the season versus a previously expected surplus of 3.11 million.
The ICO also raised its forecast for global consumption in 2018/19 to 164.84 million bags from 164.64 million.
A surplus of 4.08 million bags was estimated for the 2017/18 season, up from 3.84 million seen previously.
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