Market Reports Blog / Market Reports / Coffee Market report 14th July 2014 to 18th July 2014

Coffee Market report 14th July 2014 to 18th July 2014

COFFEE MARKET NEWS 14th July – 18th July 2014

 

Coffee Prices, Futures and Currency close levels:

 

Monday

Tuesday

Wednesday

Thursday

Friday

NY Sep-14 c/lb

164.35

161.95

162.50

163.85

172.40

Lon Sep-14 $/t

2023

2022

2009

1999

2001

£/$

1.7074

1.7144

1.7134

1.7109

1.7089

 

Futures Markets:

Arabica:  Monday to Friday was as dull as watching England’s Cricket Captain bat. Once London closed on Friday, NYC exploded to the upside. Most traders were caught by surprise as we saw a climb of10 c/lb with the largest volume of the week.  

Robusta: London seems to be the equivalent of a beached whale at the moment, a strong tide has washed it up to current levels and we are now waiting for a stronger wave to push further up or see it dragged back to the depths. But at the moment everything seems becalmed.

Currency: On the FX markets, Sterling lost ground as GBP/USD slipped to a low of $1.7084, while GBP/EUR eased to a low of €1.2631. After recent losses, EUR/USD managed to consolidate and rose to a high of $1.3540.

Physical Markets:

Brazil: largest coffee cooperative, Cooxupe, said on Tuesday that farms in area where it is active will harvest 6.5 million bags of coffee in 2014, down 23 percent from the 8.4 million harvested last year. The cooperative, which has associated farms in the most intensely coffee-farmed areas in Brazil, including South Minas, Cerrado in the state of Minas Gerais and Vale do Rio Pardo in Sao Paulo state, said 50 percent of the maturing crop had been harvested by this week. That is faster than the 36 percent harvested by this time last year.

Peru: will likely produce 250,000 tonnes of coffee in 2014, 4 percent less than last year's fungus-hit harvest and the reverse of earlier estimates that saw the crop recovering, the agriculture ministry said on Tuesday. The ministry had previously forecast a rise in output of up to 15 percent from last year's 260,000-tonne harvest. But the impact of the roya fungus has been worse than expected so far this year, said Jorge Figueroa, a coffee specialist in the agriculture ministry.

Nicaragua: exports from Nicaragua rose 43 percent in June from the same month last year, the country's national export centre, Cetrex, said on Thursday. Nicaragua's coffee exports totalled 303,642 60-kg bags in June. The Central American nation, one of the region's smaller coffee producers, shipped 1,291,026 bags during the first nine months of the current 2013/2014 harvesting season, down 15 percent from the same nine-month period the previous season.

Kenya: The top price of the benchmark Kenyan coffee grade was unchanged at this week's auction from the level at the last sale held on June 17, the Nairobi Coffee Exchange said on Tuesday. Kenya is a relatively small producer of coffee, but its beans are much sought after by roasters to blend with those of lower quality from other producing countries.

Vietnam: the world's largest robusta producer, exported 108,100 tonnes (1.8 million bags) of coffee in June, a drop of 21.3 percent from the previous month, Vietnam Customs said on Tuesday. The export volume is less than traders' forecasts of between 120,000 and 170,000 tonnes, and slightly under an initial government estimate of 110,000 tonnes.