Inventories on both exchanges increased, contributing to the decline in coffee futures prices…
Robusta chart London July 2021 session on May 13, 2021/20
At the end of the session, the price of Robusta coffee on ICE Europe – London continued to decline. Futures for spot delivery in July decreased by 19 USD to 1,495 USD/ton and for September delivery decreased by 17 USD to 1,520 USD/ton, significant reductions. Trading volume on average.
Similarly, the price of Arabica coffee on the ICE US floor – New York also continued to decline. The July spot futures fell another 0.1 cents to 146.4 cents/lb and the September futures also fell another 0.1 cents to 148.35 cents/lb, very slight declines. Trading volume per square meterbreast medium.
The price of green coffee beans in the Central Highlands provinces decreased by 300-400 VND, down to the range of 33,400 – 33,800 VND/kg.
Price of export Robusta coffee grade 2.5% black broken, stood at 1,540 USD/ton, FOB – HCM, with a plus difference at 20 USD/ton according to September futures prices in London.
The reais fell another 0.13%, the exchange rate fell to 1 USD = 5,3130 reais, prompting Brazilians to increase the sale of their main export agricultural products such as coffee, sugar, soybeans…
The US economic data report did not meet expectations, especially with only 226,000 new jobs in April, very low compared to the market’s prediction of 1.05 million, contributing to doubts that the Fed will soon raising the USD base rate disappointed the market, most of the electronic price lists turned red due to rising inflation concerns.
Coffee prices continued their decline yesterday due to the relatively low volume of trade, the majority of traders were absent due to Ascension Ceremony (Ascension Day) of Christianity, a major holiday in Europe and America.
The report of inventories on both futures floors continued to increase, which was the main factor causing world coffee prices to weaken again. Inventories of Arabica – New York rose to a high of 13.5 months and inventories of Robusta – London rose to a high of 6 months. While the International Coffee Organization (ICO) reported that global coffee exports in the first 6 months of the current coffee year 2020/2021 increased by 3.5% year-on-year, also contributing to Coffee prices faltered.
Agrimoney.com has just released the report of expert J.Gain after two surveys in the major coffee growing states of Brazil to assess the actual crop. However, there is no new information other than to confirm that the forecasted numbers of Brazil’s Arabica production this year have been confirmed. Olam (35.5 million bags) and Volcafe (33 million bags) released. (please read again)
English (giacaphe.com)
