even by being conservative and excluding Rabobank's data up to their next revision and calculate the mean of the 3 remaining entities and compare it with the median of 19/20 (therefore 36357 compared to 34481) it is still an increase of 5.4% for 21/22 in comparison with the previous off-year 19/20.
At the same time based on what I read on a summary from Rabobank's report
"Coffee is one of the few agricultural products whose demand fell in 2020, the first time since 1995. Production, for its part, was not affected by the pandemic, with a record harvest in Brazil. If Rabobank estimates that demand is expected to grow by 2% in 2021, its level will remain below those of 2019."
Then trying to compare the surplus based on what I found
In January 2019: "the surplus for 2018-19 is projected to be 2.29 million bags, around 1 million bags less than in 2017-18."
Compared with: "Rabobank on Wednesday forecasted that the global 2021/22 coffee surplus would narrow to +2.2 mln bags from a +10.2 mln bag surplus in 2020/21"
I really want therefore to keep in mind KCN19 price evolution for the time being...
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