Commodities Buzz: Ico Slightly Raises Global Coffee Output Estimate

The International Coffee Organization (ICO) raised its forecast for global coffee production in 2017/18 to 158.93 million 60-kg bags. This marks a slight improvement compared to its previous forecast of 158.78 million. Arabica production estimate was revised to 98.84 million against 97.32 million while Robusta output was estimated at 60.09 million, down from 61.46 million previously forecast. Global consumption forecast for 2017/18 increased to 158.95 million from 157.60 million previously.

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