Brazil's new coffee crop seen up 10% at 64 mln bags -trader
Adds details of estimates, comments from trader
By Marcelo Teixeira
NEW YORK, Feb 3 (Reuters) -The new coffee crop (2023/24) in the world's largest producer and exporter Brazilwas projected on Friday to reach64 million 60-kg bags, or a 10.2% increase over the previous crop, according to estimates released by coffee trader Comexim.
The trader, which is one of thelargest exporters of Brazilian coffee, said it expects the country's exports in the new season to grow 12.6% over the previous crop to 41.5 million bags.
Comexim estimates that Brazil's arabica coffee production will grow 15.8%in 2023/24 versus the previous crop to 41.3 million bags, while it sees robusta coffee output growing only 1.3% to 22.7 million bags.
Arabica coffee is the milder variety preferred by high-end coffee chains such as Starbucks, while robusta coffee is mostly used to make instant coffee.
Comexim also revised downwards its estimate for the current, 2022/23, Brazilian crop to 58.05 million bags from 63.2 million bags projected initially.
"Perhaps we were originally a bit too optimistic in the recovery and underestimated the weather impacts," it said about the revision.
The trader expects a 500,000-bag increase in the Brazilian coffee consumption to 22 million bags in 2023/24.
Brazil is the second largest coffee consumer, after the United States.
Comexim projects a tight carry-over stocks into the new season that starts in July at only around 1 million bags, but it sees potential for a larger production in Brazil in the 2024/25 season.
"It is also important to point-out that the 23/24 coffee crop in Brazil, is an off-cycle year. Meaning that should all factors fall into place (price, weather, etc), we could be setting the stage for an even bigger 24/25 season," it said.
Brazil's arabica production alternates years of high and lower volumes. The harsh frosts in 2021 changed that pattern, since they hurt the 2022/23 crop, which should have been a 'on-year' in the cycle.
Reporting by Marcelo Teixeira
Editing by Chris Reese and Marguerita Choy
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。