According to the ICO estimate, the current season’s surplus will amount to 2.30 million 60-kg bags in June from 2.01 million bags in May, primarily due to a reduced consumption projection.

Coffee consumption is now seen at 167.20 million bags this season from a previous 167.58 million bags and below the 168.5 million seen before the pandemic.

The ICO expects production from many countries, not least Brazil, to fall next season and sees consumption continuing to grow as pandemic restrictions are eased and economies bounce back.

pgh/Pll/oda / rs