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Coffee prices showed mixed results on November 24, 2023. March arabica coffee rose by 1.92%, closing higher at +7.10, amidst concerns of dry conditions in Brazil’s Minas Gerais, which received only 49% of its historical average rainfall. In contrast, January ICE robusta coffee declined by 1.18%, closing down -53.
ICE inventories reflected significant trends: arabica stocks fell to a 1.75-year low of 398,645 bags, while robusta reached a 4.5-month low at 5,370 lots. U.S. imports of Brazilian coffee plunged by 52% from August to October, totaling 983,970 bags. Simultaneously, forecasts indicated Brazil’s 2026/27 production could rise to 70.7 million bags, and Vietnam’s 2025/26 output might increase by 6% to a four-year high of 1.76 million metric tons.
The International Coffee Organization reported a 0.3% year-over-year decrease in global coffee exports for the current marketing year, amounting to 138.658 million bags, suggesting tighter global supplies which could support coffee prices.
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