Robusta Coffee 10-T Futures Market News and Commentary
December arabica coffee (KCZ22) on Tuesday closed up +3.55 (+1.65%), and Nov ICE Robusta coffee (RMX22) closed down -1 (-0.05%).
Coffee prices Tuesday settled mixed. Arabica found support Tuesday on reduced coffee exports from Colombia. The Colombia Coffee Growers Federation reported late Monday that Colombia's Sep coffee exports dropped -25% y/y to 820,000 bags. Also, Colombia's Jan-Sep coffee exports are down -6.2% y/y at 8.58 mln bags. Colombia is the world's second-largest producer of arabica beans.
A bearish factor for robusta coffee is the robust supply from Vietnam. Vietnam's General Department of Customs reported last Thursday that Vietnam's coffee exports in the nine months through Sep rose +13.7% y/y to 1.35 million metric tons. Vietnam is the world's biggest producer of robusta coffee beans. The USDA June 7 revised its 2021-22 coffee production estimate for Vietnam upward to 31.58 million bags from 31.1 million bags but said 2022/23 production would fal... Read more