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Coffee Prices Decline on the Outlook for Increased Supplies From Brazil

Coffee prices are moderately lower due to increased coffee supplies from Brazil, with Rabobank projecting an 18% y/y increase in exports to 42 million bags. Brazil’s Minas Gerais region received 59.5 mm of rain, supporting coffee yields and causing a bearish outlook for coffee prices. Vietnam’s coffee exports fell -14.2% m/m and -48.8% y/y to 43,725 MT, while global coffee exports were down -5.7% y/y. The U.S. Climate Prediction Center declared an El Nino weather event, likely supporting coffee prices.

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