The ICO’s composite indicator price — a historical data series that reflects price monitoring for coffees from all the world’s main growing regions — dropped to a monthly average of $1.482 USD per pound in January, a 1.6 percent decline from January and the lowest monthly average since February 2014.
The ICO says Brazil’s dry weather at the beginning of the month drove prices higher, with the composite indicator reaching $1.554 by the middle of January, but subsequent rain forecasts drove the price back down.
“Nevertheless, overall rainfall levels in Brazil remain below average, with the development of the 2015/16 crop now at a crucial stage,” the ICO states in its report. “Furthermore, an infestation of coffee berry borer has led to a state of phytosanitary emergency being declared in the states of São Paulo and Espírito Santo.”
The ICO also shared its most recent export data for December, with total exports estimated at 8.9 million bags for the month, mirroring total exports for December 2013. However, the ICO noted a 5.5 percent decrease in arabica exports, which was compensated by a 9.9 increase in robusta exports.
The crop year 2013/14 saw the highest export volume in recorded history, at 111.7 million bags. Despite that, the $18.5 billion value for those exports recorded in 2013/14 was 4.1 percent lower than the total value recorded in 2012/13, according to the latest ICO data.
Here is the full report in pdf form, including exporting-country-specific data, and further data on all four group indicators (Brazilian naturals, Colombian Milds, Other Milds, and Robusta).
Nick Brown is the editor of Daily Coffee News by Roast Magazine. Feedback and story ideas are welcome at publisher (at) dailycoffeenews.com, or see the "About Us" page for contact information.