Coffee Report - September 21th

With an estimated increase in the harvest, coffee ends with devaluation in New York and London

After some sessions with appreciation and support regarding the concern about the intense heat in coffee areas in Brazil, the market was pressured by the Conab numbers, released this Wednesday (20). According to official data from Brazil, the harvest will be 54.36 million bags, which represents an increase of 6.8% compared to last year and also a record for a negative biennial year.

The data is in the 3rd crop survey, released this Wednesday (20) by the National Supply Company (Conab). If the estimate for this year is compared with the volume harvested in the 2021 harvest, the last year of negative bienniality, the increase reaches 13.9%.

Even so, the market continues to be supported by the fall in ICE-certified stocks. "Current coffee supplies are tight as stocks of Arabica coffee monitored by ICE fell on Wednesday to a 10-and-a-half-month low of 440,853 bags. Additionally, stocks of Robusta coffee monitored by ICE in August 31 fell to a record low of 3,374 lots (data history dating back to 2016)", adds Barchart.

In Brazil, the day was marked by few deals and adjustments in some of the country's main sales areas.

Source: Noticias Agrícolas