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ICO RAISES ITS FORECAST FOR DEFICIT

ICO RAISES ITS FORECAST FOR DEFICIT



The International Coffee Organization has raised its forecast for a deficit on the global coffee market in the current 2019/20 season.

In its latest statement on the market, the ICO raised its estimate for the deficit from 502,000 to 626,000 bags. 

As Commerzbank noted, prices are likely to respond only moderately because the ICO has explicitly stated that the market tightness will not persist throughout the year. 

The main reason cited is the fact that Brazil, the world’s largest coffee grower, will be harvesting the crop of a high-yield year from April.

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