The International Coffee Organization (ICO) confirms its deficit forecast of 3.1 million 60 kilo bags (Ms) during the current 2021/22 campaign. The figures were announced in the latest market estimates released by the organization.

The ICO maintains its production forecast set last month at 167.2 Ms, down 2.1% from 170.83 Ms in 2020/21, in the face of consumption that would increase by 3.3% to 170.3 Ms. The ICO composite price gained another 1.8% between March and April 2022 to position itself to 198.37 US cents per pound (lb) last month. That said, the increase in the price of Robusta was tiny, of the order of 0.1% between March and April 2022, averaging 103.96 cents.