E
LETTER FROM THE EXECUTIVE DIRECTOR
COFFEE MARKET REPORT
August 2010
During August the upward trend of Arabica prices was accentuated. The differentials between
Arabica and Robusta prices widened further. The firmness of Arabica prices is confirmed by the behaviour
of the futures markets, particularly in the case of the monthly average of the 2nd and 3rd positions in the New
York futures market (ICE), which rose from 165.23 US cents per lb in July to 175.10 US cents per lb in
August, an increase of 6%. Price volatility for all four groups of coffee increased in August compared to
July, indicating limited availability and considerable speculative activity by investment funds during this
period.
The current behaviour of prices reflects uncertainties concerning short-term coffee supplies despite
the large crop anticipated in Brazil and, to a lesser extent, the return to normal production levels in a
number of countries that, in recent years, have recorded significant reductions in their production. More
specifically, adverse weather conditions could affect production prospects in Vietnam and in some Central
American countries in crop year 2010/11. My estimate of total production for crop year 2010/11 remains
unchanged at between 133 and 135 million bags. Production in crop year 2009/10 totalled around
120 million bags.
Exports by all exporting countries during July totalled 8.3 million bags, bringing the cumulative
total for the first ten months of coffee year 2009/10 (October 2009 – July 2010) to 78.5 million bags as
against 82.7 million bags for the same period in coffee year 2008/09, a fall of 5.2%. Total exports for the first
seven months of calendar year 2010 were 56.1 million bags as against 59.2 million bags for the same period
in 2009.
2
Letter from the Executive Director – August 2010
Graph 1: Daily composite indicator prices
3 August 2009 – 7 September 2010
170
165
160
155
US cents/lb
150
145
140
135
130
125
120
115
110
105
Price movements
The monthly average of the ICO composite
indicator price rose by 2.6% from 153.41 US cents
per lb in July to 157.46 US cents per lb in August
(Table 1) despite the fall in Robusta prices. The
increase in the ICO composite indicator price was
strongly influenced by the upward trend in Arabica
prices. Prices of Colombian Milds, Other Milds
and Brazilian Naturals increased by 3.6%, 4.1%
and 4% respectively in relation to their prices in
July. Graphs 1 and 2 show changes in the ICO daily
composite indicator price and indicator prices for
the four groups of coffee since 3 August 2009.
The price differential between Arabicas and
Robustas widened further. The differential
between Colombian Milds and the other Arabica
groups also widened, as did the differential
between Other Milds and Brazilian Naturals
(Table 2). Graph 3 shows changes in the price
differential between Colombian Milds and the
other three coffee groups since January 2009.
Graph 2: Group indicator prices
3 August 2009 – 7 September 2010
270
250
230
210
US cents per lb
190
170
150
130
110
90
70
50
Colombian Milds
Other Milds
Brazilian Naturals
Robustas
3
Letter from the Executive Director – August 2010
Table 1: ICO daily indicator prices and futures prices (US cents per lb) – August 2010
ICO
composite
Aug-10
02-Aug
159.20
03-Aug
155.24
04-Aug
155.98
05-Aug
156.19
06-Aug
154.86
09-Aug
155.20
10-Aug
155.98
11-Aug
156.15
12-Aug
159.02
13-Aug
159.74
16-Aug
160.36
17-Aug
160.52
18-Aug
159.20
19-Aug
160.13
20-Aug
163.19
23-Aug
162.87
24-Aug
152.51
25-Aug
149.55
26-Aug
153.18
27-Aug
157.50
30-Aug
159.47
31-Aug
158.02
Aug-10
157.46
2010
January
126.85
February
123.37
March
125.30
April
126.89
May
128.10
June
142.20
July
153.41
August
157.46
annual averages
2004
62.15
2005
89.36
2006
95.75
2007
107.68
2008
124.25
2009
115.67
% change between Aug-10 and Jul-10
2.6
% change between Aug-10 and Aug-09
34.1
% change between Aug-10 and 2009 averages
36.1
volatility (%)
Aug-09
4.6
Sep-09
6.2
Oct-09
6.4
Nov-09
6.8
Dec-09
4.9
Jan-10
3.9
Feb-10
4.1
Mar-10
3.4
Apr-10
3.8
May-10
3.6
Jun-10
7.6
Jul-10
6.3
Aug-10
9.2
Change between
45.8
Aug-10 and Jul-10
*Average of the 2nd and 3rd positions
Colombian
Milds
Other
Milds
Brazilian
Naturals
Robustas
New
York*
London*
245.90
240.41
241.44
241.63
240.12
240.50
241.45
242.17
245.80
246.35
248.57
247.55
246.93
248.11
250.70
250.12
237.18
234.01
240.31
246.31
247.13
244.92
243.98
212.36
207.23
208.23
208.62
206.98
207.56
209.14
209.56
213.51
214.36
215.21
215.12
214.16
215.82
219.71
218.64
205.37
202.24
207.50
213.17
216.27
214.12
211.59
164.32
159.17
159.80
160.15
158.57
159.06
160.86
160.97
164.55
166.19
167.03
166.58
165.28
166.43
170.70
169.95
157.89
154.25
159.30
164.73
168.41
166.39
163.21
85.55
84.05
84.60
84.56
83.74
83.76
83.02
82.88
84.10
83.98
83.66
84.95
83.13
83.25
84.86
85.53
79.62
77.48
77.71
79.49
79.63
79.45
82.68
173.13
167.47
170.73
170.95
168.57
171.00
171.25
172.25
177.13
177.35
181.08
178.53
178.03
179.88
185.03
183.22
168.65
166.78
172.52
178.88
181.40
178.47
175.10
81.10
78.49
79.51
79.49
78.74
79.17
78.27
78.47
80.08
80.35
80.51
81.31
79.81
79.72
81.53
80.83
74.64
72.53
72.80
74.62
Holiday
74.80
78.42
207.51
204.71
205.71
199.50
200.33
224.49
235.52
243.98
158.90
157.86
164.50
169.24
173.28
190.90
203.21
211.59
131.67
124.57
126.21
125.71
127.32
143.20
156.87
163.21
70.08
67.88
67.25
71.52
70.61
76.92
85.27
82.68
142.76
134.35
134.97
135.12
135.81
152.36
165.23
175.10
62.66
60.37
58.64
62.21
62.46
69.72
78.17
78.42
81.44
115.73
116.80
125.57
144.32
177.43
80.47
114.86
114.40
123.55
139.78
143.84
68.97
102.29
103.92
111.79
126.59
115.33
35.99
50.55
67.55
86.60
105.28
74.58
79.53
111.38
112.30
121.83
136.46
128.40
32.85
46.80
59.77
78.56
97.18
67.69
3.6
4.1
4.0
-3.0
6.0
0.3
31.6
41.3
39.7
14.3
32.6
19.8
37.5
47.1
41.5
10.9
36.4
15.9
4.8
6.6
5.3
5.9
5.7
4.8
3.8
2.6
3.6
3.4
6.0
5.2
7.7
4.8
6.1
6.5
7.0
5.1
4.1
4.4
3.2
3.8
3.5
7.8
6.2
8.9
5.5
7.3
7.5
8.2
6.0
4.8
5.8
4.7
5.0
4.4
10.2
7.7
11.0
5.9
6.8
7.7
7.0
5.5
7.8
4.6
6.0
5.0
5.3
9.4
7.4
9.2
7.5
9.0
8.6
8.5
7.0
5.5
6.4
5.7
5.0
4.9
10.7
9.6
12.3
6.9
7.6
8.2
8.9
6.4
4.9
4.6
7.2
5.2
4.7
7.6
8.2
10.5
47.5
42.5
42.8
25.1
28.7
28.1
4
Letter from the Executive Director – August 2010
Table 2: Price differentials
Colombian Colombian Colombian Colombian
Milds
Milds
Milds
Milds
O the r Braz ilian
Milds
Naturals
Robustas Ne w York*
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
M ar-10
Apr-10
M ay-10
Jun-10
Jul-10
Aug-10
% change be twe e n
Aug-10 and Jul-10
O the r
Milds
Braz ilian
Naturals
O the r
Milds
Braz ilian
Naturals Ne w York*
Robustas
Robustas
London*
46.39
35.63
28.92
23.56
26.12
33.95
48.61
46.85
41.21
30.26
27.05
33.59
32.31
32.39
79.49
68.53
61.29
53.51
52.16
59.27
75.84
80.14
79.50
73.79
73.01
81.29
78.65
80.77
115.61
113.04
103.63
104.62
108.85
122.22
137.43
136.83
138.46
127.98
129.72
147.57
150.25
161.30
64.87
53.34
46.12
37.36
38.00
48.03
64.75
70.36
70.74
64.38
64.52
72.13
70.29
68.88
33.10
32.90
32.37
29.95
26.04
25.32
27.23
33.29
38.29
43.53
45.96
47.70
46.34
48.38
69.22
77.41
74.71
81.06
82.73
88.27
88.82
89.98
97.25
97.72
102.67
113.98
117.94
128.91
36.12
44.51
42.34
51.11
56.69
62.95
61.59
56.69
58.96
54.19
56.71
66.28
71.60
80.53
57.44
66.58
64.56
74.03
77.49
81.28
80.10
73.98
76.33
72.91
73.35
82.64
87.06
96.68
0.2%
2.7%
7.4%
-2.0%
4.4%
9.3%
12.5%
11.0%
*Average of the 2nd and 3rd positions
Graph 3: Differential between prices of Colombian Milds and the other three coffee groups
January 2009 – August 2010
170
160
150
140
130
120
110
US cents/lb
100
90
80
70
60
50
40
30
20
10
0
Colombian Milds - Robustas
Colombian Milds - Brazilian Naturals
Colombian Milds - Other Milds
5
Letter from the Executive Director – August 2010
Table 3:
Production in selected exporting countries
Crop year
commencing
Market fundamentals
2006
2007
2008
2009
% change
2009-2008
129 250
119 320
128 434
119 903
-6.6
Africa
Cameroon
Cô te d'Ivoire
Ethiopia
Kenya
Tanzania
Uganda
Others
Arabicas
Robustas
15 497
836
2 847
4 636
826
822
2 700
2 829
7 667
7 830
15 181
795
2 598
4 906
652
810
3 250
2 171
7 343
7 838
15 289
750
2 316
4 350
572
1 186
3 200
2 915
7 320
7 970
13 445
690
1 850
4 500
667
709
3 000
2 029
6 803
6 641
-12.1
-8.0
-20.1
3.4
16.6
-40.3
-6.3
-30.4
-7.1
-16.7
Asia & Oceania
India
Indonesia
Papua New Guinea
Thailand
Vietnam
Others
Arabicas
Robustas
34 529
5 158
7 483
807
766
19 340
976
3 836
30 693
31 408
4 460
7 777
968
653
16 467
1 083
4 248
27 160
35 153
4 371
9 612
1 028
675
18 500
967
4 415
30 738
36 934
4 827
11 380
1 004
930
18 000
793
5 104
31 830
5.1
10.4
18.4
-2.3
37.7
-2.7
-18.0
15.6
3.6
Mexico & Central
America
Costa Rica
El Salvador
Guatemala
Honduras
M exico
Nicaragua
Others
Arabicas
Robustas
16 936
1 580
1 371
3 950
3 461
4 200
1 300
1 074
16 801
135
18 295
1 791
1 621
4 100
3 842
4 150
1 700
1 091
18 170
125
17 685
1 320
1 547
3 785
3 450
4 651
1 615
1 318
17 553
132
16 413
1 465
1 065
3 500
3 527
4 200
1 687
968
16 284
129
-7.2
11.0
-31.1
-7.5
2.2
-9.7
4.5
-26.5
-7.2
-2.3
South America
Brazil
Colombia
Ecuador
Peru
Others
Arabicas
Robustas
62 288
42 512
12 541
1 167
4 319
1 750
52 479
9 810
54 435
36 070
12 504
1 110
3 063
1 689
43 180
11 256
60 307
45 992
8 664
691
3 872
1 088
49 389
10 917
53 112
39 470
8 500
813
3 315
1 014
42 056
11 056
-11.9
-14.2
-1.9
17.8
-14.4
-6.8
-14.8
1.3
129 250
13 876
28 077
38 830
48 468
119 320
13 674
27 650
31 617
46 379
128 434
9 995
27 376
41 306
49 757
119 903
9 620
25 218
35 408
49 657
-6.6
-3.7
-7.9
-14.3
-0.2
80 782
48 468
72 941
46 379
78 677
49 757
70 246
49 657
-10.7
-0.2
100.0
10.7
21.7
30.0
37.5
100.0
11.5
23.2
26.5
38.9
100.0
7.8
21.3
32.2
38.7
100.0
8.0
21.0
29.5
41.4
TOTAL
Total production in crop year 2009/10 will be
around 120 million bags, a fall of 6.6% in relation
to crop year 2008/09 (Table 3). During this crop
year production fell in Africa, in Central America
and Mexico, and in South America. Asia recorded
an increase in production despite falls in Vietnam
and Papua New Guinea.
For crop year 2010/11, in the absence of any new
information from Member countries, my initial
estimate of production remains unchanged at
between 133 and 135 million bags.
Although this crop year is a high production year in
the biennial cycle characterising Arabica production
in Brazil, climatic problems are likely to affect
production in a number of exporting countries. With
the exception of Honduras and Nicaragua, countries
in the Mexico and Central America region are still
experiencing climatic problems which, combined
with high production costs, could reduce their
prospects of increasing production. Adverse weather
conditions could also affect Colombian production,
which had shown signs of recovery after two
consecutive years of low output.
The situation is not much different in Vietnam,
where the combined effects of climate change and
the El Niño phenomenon are threatening agricultural
production, including coffee.
Graph 4:
Total production by continent
Crop years 2006/07 to 2009/10
140
120
Arabicas
Robustas
TO TAL
Colombian Milds
Other Milds
Brazilian Naturals
Robustas
100
60.3
62.3
53.1
54.4
million bags
TOTAL
Colombian M ilds
Other M ilds
Brazilian Naturals
Robustas
80
60
16.9
18.3
17.7
16.4
36.9
40
34.5
31.4
35.2
15.5
15.2
15.3
13.4
2006/07
2007/08
2008/09
2009/10
20
0
Arabicas
Robustas
In thousand bags
62.5
37.5
61.1
38.9
61.3
38.7
58.6
41.4
Africa
Asia & Oceania
Mexico & Central America
South America
6
Table 4:
Letter from the Executive Director – August 2010
Total exports of all forms of coffee
(October – July 2008/09 and 2009/10)
2008/09
2009/10
% change
TOTAL
82 740
78 452
-5.2
Colombian Milds
Other Milds
Brazilian Naturals
Robustas
8 965
18 241
25 945
29 589
6 989
18 594
25 145
27 724
-22.0
1.9
-3.1
-6.3
Arabicas
Robustas
53 151
29 589
50 728
27 724
-4.6
-6.3
Angola
Benin
Bolivia
Brazil
Burundi
Cameroon
Central African Republic
Colombia
Congo, Dem. Rep. of
Congo, Rep. of
Costa Rica
Côte d'Ivoire
Cuba
Dominican Republic
Ecuador
El Salvador
Ethiopia
Gabon
Ghana
Guatemala
Guinea
Haiti
Honduras
India
Indonesia
Jamaica
Kenya
Madagascar
Malawi
Mexico
Nicaragua
Nigeria
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Rwanda
Tanzania
Thailand
Togo
Uganda
Venezuela
Vietnam
Zambia
Zimbabwe
5
0
59
26 471
336
444
22
7 741
125
0
1 241
1 159
7
105
785
1 211
1 458
0
14
3 094
280
15
2 799
2 525
5 163
21
487
53
13
2 379
1 204
3
62
726
1
2 596
6
271
1 110
137
124
2 598
19
15 498
27
18
4
0
63
24 789
80
776
21
6 070
100
0
1 111
1 742
5
35
885
950
2 224
1
12
3 010
342
2
3 055
3 800
5 423
12
488
43
12
2 239
1 527
0
41
818
0
2 231
6
184
552
157
198
2 285
5
12 813
29
14
-23.3
-10.9
-2.7
22.2
-85.1
9.2
50.5
5.0
-42.6
0.2
-19.8
-8.6
-5.9
26.9
-100.0
-33.8
12.7
-79.9
-14.0
-8.8
-32.0
-50.2
15.0
59.6
-12.1
-76.3
-17.3
4.8
-18.5
330
297
-9.9
Other exporting countries 1/
8.0
-6.4
-76.1
74.9
-2.7
-21.6
-20.1
-10.5
50.3
-20.5
-66.8
12.7
-21.5
52.6
In thousand bags
1/ Equatorial Guinea, Guyana, Laos, Liberia, Sierra Leone, Sri Lanka,
Timor-Leste, Trinidad and Tobago and Yemen
Exports in July totalled 8.3 million bags, bringing
the total volume exported during the first ten months
of coffee year 2009/10 to 78.5 million bags
compared to 82.7 million bags for the same period in
2008/09, a fall of 5.2% (Table 4). The most
significant falls were recorded in the case of
Colombian Milds, with a decline of 22% in export
performance compared to the same period in
2008/09. Exports of Other Milds increased by 1.9%
while those of Brazilian Naturals and Robustas fell
by 3.1% and 6.3% respectively. The fall in Robusta
exports was strongly influenced by the lower export
figure for Vietnam, the world’s leading Robusta
producer.
The value of total exports in calendar year 2009 is
estimated at US$13.30 billion for a volume of
96.3 million bags compared to US$15.38 billion for
a volume of 97.7 million bags exported in 2008
(Table 5). The fall is attributable mainly to the lower
average price of coffee in 2009 relative to 2008.
Table 5:
Volume and value of annual exports
(Calendar years 2006 – 2009)
Colombian Milds
- Volume
- Value
Other Milds
- Volume
- Value
Brazilian Naturals
- Volume
- Value
Robustas
- Volume
- Value
Total
- Volume
- Value
2006
2007
2008
2009
12.02
1.87
12.69
2.12
12.22
2.38
9.27
1.94
21.40
3.02
21.00
3.22
22.50
3.99
20.91
3.59
28.51
3.59
28.83
4.08
28.75
4.72
30.34
4.41
30.36
2.38
34.12
3.37
34.20
4.28
35.74
3.36
92.29
10.85
96.64
12.78
97.66
15.38
96.27
13.30
Volume in million bags – value in billion US$
On the basis of information provided by Members,
world consumption in calendar year 2009 is
estimated at 129.1 million bags compared to
130.7 million bags in 2008, a fall of 1.2% (Table 6).
This fall is attributable to lower consumption in a
number of importing countries, particularly in the
European Union and in emerging markets.
Consumption in exporting countries is continuing to
grow.
7
Letter from the Executive Director – August 2010
Table 6:
World consumption
(Calendar years 2006 – 2009)
2006
WORLD TOTAL
2007
2008
2009
123 610 128 394 130 657 129 080
Producing Countries
Brazil
Indonesia
Mexico
Ethiopia
Venezuela
India
Colombia
Vietnam
Philippines
Others
33 500
16 133
2 750
1 794
1 833
1 472
1 357
1 400
829
917
5 015
35 366
16 927
3 208
2 050
1 833
1 534
1 438
1 400
938
989
5 051
36 702
17 526
3 333
2 200
1 833
1 599
1 518
1 400
1 021
1 070
5 202
37 705
18 208
3 333
2 200
1 833
1 649
1 573
1 400
1 208
1 080
5 221
Importing Countries
90 110
93 028
93 955
91 375
European Union
Germany
Italy
France
Spain
United Kingdom
Sweden
Finland
Greece
Poland
Others
USA
Japan
41 063
9 151
5 593
5 278
3 017
3 059
1 315
1 047
857
1 953
9 795
20 667
7 268
40 659
8 627
5 821
5 628
3 198
2 824
1 244
1 057
1 015
1 531
9 715
21 033
7 282
39 783
9 535
5 892
5 152
3 485
3 067
1 272
1 115
978
1 190
8 097
21 652
7 065
38 627
8 897
5 835
5 568
3 352
3 221
1 133
1 058
974
970
7 619
21 437
7 130
Other Importing Countries
Canada
Russian Federation
Algeria
Ukraine
Korea, Republic of
Australia
Others
In thousand bags
21 111
3 066
3 263
1 836
968
1 437
992
9 549
24 054
3 245
4 055
1 968
1 057
1 425
1 031
11 273
25 455
3 210
3 716
2 118
1 733
1 665
1 145
11 869
24 181
3 292
3 131
2 066
1 460
1 551
1 223
11 458
Tables 7 and 8 show per capita consumption in
selected exporting and importing countries. Per
capita consumption in Brazil is higher than in the
United States of America.
Table 7:
Per capita consumption in
selected exporting countries
(Calendar years 2006 – 2009)
Brazil
Honduras
Venezuela
Costa Rica
Dominican Republic
El Salvador
Nicaragua
Haiti
Colombia
Guatemala
Madagascar
Ethiopia
Mexico
Panama
Cuba
Côte d'Ivoire
Indonesia
Vietnam
Philippines
Ecuador
In kilogrammes
2006
2007
2008
2009
5.14
1.96
3.25
4.77
2.35
2.05
2.06
2.13
1.92
1.38
1.55
1.44
1.01
1.22
1.20
0.97
0.74
0.58
0.63
0.68
5.34
2.41
3.33
4.19
2.31
2.20
2.04
2.10
1.89
1.35
1.51
1.40
1.14
1.20
1.20
0.94
0.86
0.65
0.67
0.67
5.48
3.77
3.41
3.54
2.28
2.25
2.01
2.06
1.87
1.35
1.47
1.36
1.22
1.18
1.16
0.92
0.88
0.70
0.71
0.67
5.69
3.77
3.52
3.17
2.28
2.25
2.22
2.06
1.87
1.47
1.47
1.36
1.22
1.18
1.15
0.92
0.88
0.83
0.72
0.67
Graph 5: World consumption
Calendar years 2006 to 2009
140
130
120
110
100
million bags
90
80
93.0
94.0
91.4
36.7
37.7
2008
2009
90.1
70
60
50
40
30
20
33.5
35.4
10
0
2006
2007
Exportng countries
Importing countries
8
Table 8:
Letter from the Executive Director – August 2010
Per capita consumption
in selected importing countries
(Calendar years 2006 – 2009)
Table 9 shows retail prices for the month of March
2008 to 2010. In relation to their levels in March
2009 retail prices in March 2010 were higher in
Algeria
Australia
Canada
European Union
Austria
Belgium
Bulgaria
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
Luxembourg
Malta
Netherlands
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
United Kingdom
Japan
Korea, Republic of
New Zealand
Norway
Russian Federation
Serbia
Switzerland
Tunisia
Ukraine
USA
In kilogrammes
2006
2007
2008
2009
3.30
2.88
5.64
3.49
2.97
5.91
3.70
3.26
5.79
3.61
3.48
5.94
4.44
8.81
3.28
3.94
3.70
9.09
7.45
11.93
5.16
6.66
4.64
3.57
2.85
5.69
4.76
3.78
29.76
4.27
7.79
3.07
3.80
2.33
3.13
5.26
4.15
8.66
3.03
6.12
6.28
2.86
4.87
3.97
8.52
4.52
12.00
5.47
6.29
5.48
3.12
3.37
5.89
3.46
4.11
31.66
2.35
8.36
2.41
4.04
2.30
3.96
5.82
4.36
8.15
2.78
6.53
3.68
3.51
5.38
3.61
7.64
6.88
12.61
4.98
6.95
5.27
2.96
1.56
5.93
3.06
3.68
29.79
3.35
4.80
1.87
3.89
2.27
3.79
5.78
4.70
8.29
3.01
6.35
5.27
3.25
5.20
3.04
7.89
5.53
11.92
5.36
6.50
5.24
2.67
1.79
5.85
2.35
3.83
27.40
2.07
3.35
1.53
4.04
2.19
2.36
5.89
4.48
7.35
3.14
3.42
1.81
3.70
9.25
1.37
3.71
7.48
1.21
1.25
4.06
3.43
1.78
3.66
9.81
1.71
3.75
7.90
1.51
1.37
4.09
3.33
2.07
3.65
8.99
1.58
4.15
9.14
1.87
2.26
4.17
3.36
1.93
3.49
8.92
1.33
3.59
7.65
1.70
1.91
4.09
almost all importing countries.
Table 9:
Retail prices of roasted coffee
in selected importing countries
(March 2008 – 2010)
2008
European Union
Austria 1/
Belgium
Bulgaria
Cyprus
Denmark
Finland
France
Germany
Italy
Latvia
Luxembourg
Malta 2/
Netherlands
Poland
Portugal
Slovakia
Slovenia
Spain
Sweden
United Kingdom 2/
March
2009
2010
463.39 658.90 672.04
563.38 492.10 508.65
428.60 357.81
651.42 547.11 570.31
536.43 489.23
378.88 322.94 339.10
405.64 352.52 369.93
543.66 441.23
814.09 718.63 751.57
574.24 582.76
769.02 681.37 707.80
1 365.51 1 208.96 1 344.08
532.40 440.05
461.23 294.10
583.80 501.56 513.58
504.48 473.17 499.41
521.13 442.41 442.06
445.08 392.73 401.99
384.96 303.97 381.23
1 763.48 1 467.37 1 549.53
Japan 1/
909.08
Norway
494.62
USA
In US cents per lb
1/ Change in type of coffee product
2/ Soluble coffee
633.05
367.49
671.49
% change
2010-2009
2.0
3.4
4.2
5.0
4.9
4.6
3.9
11.2
2.4
5.5
-0.1
2.4
25.4
5.6
6.1
356.50
In conclusion, it should be noted that despite anticipating an increase in world production in crop
year 2010/11, the market continues to be highly nervous and tight given the negligible level of world stocks
and the precarious equilibrium between supply and demand.