Arabica coffee bean supply shortage Arabica coffee bean futures price continues to rise
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Futures prices for Arabica coffee beans are soaring amid signs of a shortage of Arabica coffee beans in 2021, Bloomberg reported.
Analysts at Citigroup said Marex Spectron raised its forecast for a global shortage of Arabica coffee beans from 8 million bags to 10.7 million bags because of falling production forecasts for Arabica coffee beans in Brazil. Frost in Brazil's July-August coffee harvest season may lead to further loss of Arabica coffee beans. Coffee traders, including Volcafe and Marex Spectron, expect a more serious shortage of Arabica coffee beans worldwide by October 2021. Analysts believe Arabica coffee beans will face a serious deficit threat in the coming marketing year.
With the popularity of COVID-19 vaccines, countries' economies have reopened, but at this point in time, all coffee supplies are in trouble. Industry associations estimate that every 1% growth in the world economy increases demand for 1 million bags (60 kg / bag) of coffee beans. The international monetary fund (International Monetary Fund) said on Tuesday local time that the global economy is expected to grow by 6% this year, the biggest growth in 40 years.
In New York, the price of Arabica coffee for May futures rose 4.1% to $1.2715 a pound, the biggest increase since Feb. 22 and the biggest rise in crude oil, cotton, sugar and cocoa prices in the Bloomberg Commodities Index.
The price of Arabica coffee fell 10% last month because of concerns about the speed of the global economic recovery. Analysts at Citigroup say prices of agricultural commodities appear to hold up well from April until 2022, and the rebound will be a turning point for the coffee market.
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