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?
The first poem to coffee was written in Mecca in 1511 by Abd-al-Kadir which goes: “Coffee, Thou dispensest sorrow, Thou art the drink of the faithful, Thou givest health to those who labour, and enablest the good to find the truth. Coffee, Thou art our gold! There where thou are offered, Men grow good and wise. May Allah overthrow thy calumniators and deliver thee from their wiles.”