Arabica coffee futures rose to above $1.23 in December, its highest level since September 11th, on growing expectations that 2021 output from the world’s top producer Brazil would be reduced sharply amid hot and dry weather while consumption may recover following the Covid-19 pandemic. Brazilian output was already expected to fall after this year’s record crop and as arabica trees enter the lower-yielding half of a biennial cycle. Meantime, Brazilian exporters association Cecafe said exports of the bean rose by 32.2% from a year earlier in November, setting a monthly record high.
Historically, Coffee reached an all time high of 339.86 in April of 1977. Coffee - data, forecasts, historical chart - was last updated on December of 2020.
Coffee is expected to trade at 117.04 USd/Lbs by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 99.16 in 12 months time.