The global coffee supply balance will shift from a deficit of 2.17 million bags in 2022/23 (Oct-Sept) to a surplus of 3.74 million bags in 2023/24 as Brazil’s output partly recovers, according to a report by consultancy HedgePoint.
It projected Brazilian 2023/24 coffee production to be between 64.9 million bags and 68.9 million bags, compared to 59 million bags projected for 2022/23.
Ms. Gandolphi said many coffee fields in Brazil are still recovering after pruning. The consultancy projects Brazil’s 2023/24 arabica coffee production between 44.4 million bags and 46.4 million bags, versus 36 million bags in 2022/23.
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