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The International Coffee Organization’s (ICO) October 2024 report reveals its Composite Indicator Price (I-CIP) averaged 250.56 US cents per pound in October, a 3.2 per cent decrease from September.
The Colombian Milds and Other Milds decreased by 0.8 per cent and 0.6 per cent, reaching 277.10 and 276.82 US cents per pound, respectively, in October 2024.
Meanwhile the Colombian Milds–Other Milds differential shrank from 0.75 to 0.28 US cents per pound between September and October 2024.
The arbitrage, as measured between the London and New York futures markets, expanded 54.2 per cent
to 43.50 US cents per pound in October 2024, marking its highest point in four months.
The intra-day volatility of the I-CIP expanded by 0.5 percentage points, averaging 11 per cent in October 2024.
Furthermore, global green bean exports in September 2024 totalled 9.69 million bags, as compared with
7.74 million bags in the same month of the previous year – a 25.2 per cent increase.
For the coffee year 2023/24, exports of green beans were up 11.8 per cent to 123.75 million bags from 110.72 million bags in coffee year 2022/23, an absolute increase of 13.02 million bags. This is the biggest annual
increase on record, surpassing the previous highest of 9.27 million bags in coffee year 1995/96.
Shipments of the Other Milds increased by 22.9 per cent in September 2024 to 1.92 million bags from
1.56 million bags in the same period last year. Green bean exports of the Brazilian Naturals and Colombian Milds also increased in September, jumping by 37.3 per cent to 3.68 million bags and 22.3 per cent to 0.99 million bags, respectively.
Green bean exports of the Robustas were up 15.4 per cent to 3.1 million bags in September 2024 from 3.59 million bags in September 2023. For coffee year 2023/24, exports of the Robustas were up 6.2 per cent to 46.58 million bags from 43.84 million bags in coffee year 2022/23. It is the biggest annual exports on record and was largely driven by Brazil, which exported 9.02 million bags as compared with 2.84 million bags in coffee year 2022/23.
In terms of regions, South America’s exports of all forms of coffee increased by 30.8 per cent to 6.2 million bags in September.
Exports of all forms of coffee from Africa increased by 14.3 per cent to 1.37 million bags in September 2024 from 1.2 million bags in September 2023.
In September 2024, exports of all forms of coffee from Mexico and Central America were up 18.1 per cent to 0.9 million bags as compared with 0.76 million bags in September 2023. However, for coffee year 2023/24, exports of the region were down 4.1 per cent to 14.51 million bags from 15.13 million bags in coffee year 2022/23.
Exports of all forms of coffee from Asia and Oceania increased by 19.6 per cent to 2.29 million bags in
September 2024 as compared with 1.91 million bags in September 2023. But for coffee year 2023/24, exports of the region were down 6.7 per cent to 40.62 million bags from 43.54 million bags in the same time last year. Vietnam, the largest producer and exporter in Asia and Oceania, was identified as the main driving force behind the region’s annual downturn, with its exports decreasing by 11.7 per cent to 24.96 million bags.
Finally, total exports of soluble coffee increased by 24.3 per cent in September 2024 to 1.02 million bags from 0.82 million bags in September 2023, while exports of roasted beans were down 9.2 per cent in September 2024 to 54,544 bags, as compared with 60,040 bags in September 2023.
The post I-CIP decreased in October 2024: ICO Report appeared first on Global Coffee Report.
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