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The inter-governmental body now sees a global deficit of 2.67 million bags for the season. It had previously expected a deficit of 1.36 million.
The ICO maintained its forecast for global coffee production in 2017/18 at 158.56 million bags.
The global balance in 2016/17 was also revised. The ICO now expects a surplus of 146,000 bags, versus a previous estimate for a 1.19 million bag surplus, also reflecting an upward revision to consumption.