I agree, but some other factors continue to push the bases., The impression is that the supply was great in 2018.
1) Brazil broke record with export of coffee in the 2018/2019 harvest. Shipped volume totaled 41.1 million bags between July 2018 and June 2019, an increase of 35%.
2) Coffee stocks in Europe grow 2% in April compared to March, to 695,894 tonnes Stable to positive, in the US stable to positive.
3) Bloomberg predicting 70 mln bags for 2020 crop
4) Stocks in Brazil in 11M bags presented by CONAB, stable
5) frost reached 3 to 5% of the coffee areas ... just a reflection
Any other opnion ?
« Back to index