US green coffee stocks rose for the fifth straight month in April, reaching the highest since at least 2001, Green Coffee Association (GCA) data showed on Monday, amid forecasts for higher demand and expectations for another global deficit. Green coffee stocks in the United States rose by 165,497 60-kg bags to 6.89 million bags at the end of April, the highest level seen on data going back to January 2002, the GCA said.
The US Department of Agriculture (USDA) has forecast coffee consumption in the country to rise to 25.3 million bags in the 2016-17 marketing year (October/September), up 0.7 percent from 2015-16. Global coffee consumption was forecast by the International Coffee Organization (ICO) at 155.1 million bags in the 2016-17 crop year (October/September), down 0.4 percent from the prior year. This is also below the USDA's forecast at 153.3 million bags. Separately, the ICO has estimated the third straight global coffee supply deficit for this year.