Coffee prices fell on Thursday amid expectations of a high harvest in Brazil, the world’s largest coffee supplier.
Arabica futures fell 0.2% to $3.0785 per pound at the end of trading in New York yesterday. This is the lowest price in five months.
Brazil’s new coffee crop, which will begin harvesting in a couple of months, could reach a record 75.8 million bags, Reuters reports, citing a forecast by EISA. One bag weighs 60 kg.
EISA expects the Arabica coffee harvest to amount to 48 million bags and the Robusta harvest to amount to 27.8 million bags.
