The ICO composite indicator for coffee fell by 3.1 per cent to 97.50 US cents/lb in March 2019, the lowest monthly average since October 2006 when the price was 95.53 US cents/lb.
Prices for all group indicators fell in March 2019, with Brazilian Naturals registering a decrease of 4.2 per cent to 95.81 US cents/lb, the largest among the four group indicators.
Shipments in the first five months of coffee year 2018/19 increased by 6.2 per cent to 52.27 million bags, reflecting the ample supply of coffee on the international market.
Shipments of Brazilian Naturals rose by 20.4 per cent to 18.65 million bags and Colombian Milds grew by 7.7 per cent to 6.63 million bags.
World production in coffee year 2018/19 is estimated at 168.05 million bags while consumption is estimated at 164.99 million bags, creating a surplus of 3.06 million bags. This follows a surplus of 4.16 million bags in coffee year 2017/18.