Coffee Outlook Q3 2023: Transitioning to a Surplus

No major changes in global production numbers for 2022/23, but import demand in 1H 2023 has been extremely weak. This is exacerbated by the prospect of a recession in the EU.

- Retail coffee sales are still down in the US, but coffee shops are doing well.

- The frost period in Brazil is practically over. At the moment, the main risk would be a dry 1H September, which might compromise the early flowering.

- El Niño-related dryness over SE Asia is limited for now, but it provides support for robustas.

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