Arabica coffee prices may fall 10 percent by September when Brazil, the world’s biggest producer of the beans, finishes harvesting a record crop and adds its beans to the market, said consulting firm Safras & Mercado.
Coffee futures may drop to $1.45 a pound on ICE Futures U.S. in New York by September from today’s $1.615 a pound at 11:56 a.m. local time, Gil Barabach, a coffee analyst with the Porto Alegre, Brazil-based firm, said in a telephone interview. Futures may rebound to $1.60 by year-end on a tight world supply, he said.
Prices of the milder variety, preferred for specialty beverages such as those made by coffee chain Starbucks Corp., climbed to a 12-year high last month.
Brazil may harvest 54.6 million coffee bags this year, up from last year’s 43.9 million bags, Barabach said. About 52 percent of the country’s coffee crop was harvested through July 2, he said.
A bag of coffee weighs 60 kilograms (132 pounds).
Coffee futures may drop to $1.45 a pound on ICE Futures U.S. in New York by September from today’s $1.615 a pound at 11:56 a.m. local time, Gil Barabach, a coffee analyst with the Porto Alegre, Brazil-based firm, said in a telephone interview. Futures may rebound to $1.60 by year-end on a tight world supply, he said.
Prices of the milder variety, preferred for specialty beverages such as those made by coffee chain Starbucks Corp., climbed to a 12-year high last month.
Brazil may harvest 54.6 million coffee bags this year, up from last year’s 43.9 million bags, Barabach said. About 52 percent of the country’s coffee crop was harvested through July 2, he said.
A bag of coffee weighs 60 kilograms (132 pounds).
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