According to the International Coffee Organization (ICO), in March the composite indicator price for coffee ranged from a high of 177.29 U.S. cents per pound to a low of 153.33 in less than ten days. The monthly average for March of 165.03 U.S. cents per pound was nearly 20 percent higher than February and the highest monthly level in two years. International prices remain unsteady and sensitive to weather events in Brazil. The organization reports that it is likely that the market is heading towards a supply deficit; however, the damage resulting from the recent drought has yet to be officially quantified. Full report.