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Market Update: Coffee Falls from Almost 7-Year High
Arabica coffee futures eased to $1.8 per pound from an almost 7-year high of $2.07 hit on July 26th as concerns eased over the impact of severe weather on Brazils three largest growing regions, Paraná, Sao Paulo and Minas Gerais. Still, prices are up 12% in July and more than 55% in the last 12 months after recent drought cut 2021 output and demand for at-home machines and instant brews have grown while cafes are welcoming back customers starved of out-of-home coffee culture. Global coffee consumption is expected to exceed production this year for the first time since 2017, according to the USDA. [/s2If]
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