After several months of increasing, coffee prices dropped by 23 cents per pound in May, according to the International Coffee Organization (ICO). The daily price of the ICO composite indicator slipped from a high of 176.30 US cents/lb on 5 May to a low of 153.33, while the monthly average settled 3.9% lower on 163.94 cents. The drought in Brazil and resulting uncertainty over the crop have been driving prices higher since the beginning of the year, but a well-stocked supply chain has not yet felt the impact, with exports from Brazil exceeding their levels of a year ago. Full article.
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