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Robusta coffee slips to one year low

Robusta coffee on ICE Futures slips to a more than one-year low on Wednesday as worries over nearby supplies decreased.

Reports suggest prices were under pressure as the harvest approached in Vietnam and favorable weather in Brazil for coffee.

January robusta coffee finished down over 2.13 percent, at $1,838 per tonne after dipping to $1,830.

Arabica coffee prices tumbled over 3 percent to the weakest since June.

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December arabica coffee settled down at 1.72 percent, at $1.2295 per lb after falling over 3 percent to $1.2120, the weakest since late June.

The International Coffee Organization reported that the global coffee exports for the month of September were 14.8% lower than the same month last year, at a total of 8.34 million bags. Still, global coffee exports for the October 2016 to September 2017 coffee year were 4.8% higher than the previous coffee year, at a total of 122.45 million bags. That has led to rising levels of coffee stocks in consuming nations like the U.S., weakening demand ideas.

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