Robusta coffee futures continue their trek ever higher, with no end in sight for the recent strength. Markets were unfazed by the news that the State Statistical Department in Vietnam has forecast coffee for the month of October up 48% year on year, at 2.17m bags. “This figure is well ahead of the earlier forecasts on the part of the country’s coffee trade and exporters, who had been forecasting exports at between 1.17m and 1.67m bags,” said coffee trading house I&M Smith. But the trader noted that these exports “would have liquidated a good percentage of the carryover stocks from the previous crop”.
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Did you know?
Before the first French cafe in the late 1700's, coffee was sold by street vendors in Europe, in the Arab fashion. The Arabs were the forerunners of the sidewalk espresso carts of today.