ICO raises 2018/19 global coffee surplus forecast

LONDON: The International Coffee Organization on Thursday raised its forecast for global coffee production in 2018/19 to 168.05 million 60-kg bags from 167.47 million.

The inter-governmental body now sees a global surplus of 3.06 million bags for the season versus a previously expected surplus of 2.29 million.

The ICO cut its estimate for arabica production in 2018/19 to 103.71 million bags from 104.01 million but raised robusta production to 64.37 million from 63.50 million.

A surplus of 4.16 million bags was estimated for the 2017/18 season, up from 3.28 million seen previously.