London, Sep 9 (Prensa Latina) The International Coffee Organization (ICO) said in its monthly report global production of the bean will likely fall some way below demand in the upcoming season that starts in October, but bumped up its 2021/22 coffee surplus forecast.
'A substantial reduction of world production is expected in coffee year 2021/22 as some important origins have been affected by climate-related shocks. Total supply is expected to fall below world consumption,' said the inter-governmental body.
It did not give a figure for its projected deficit next season, but raised its 2020/21 surplus estimate to 2.6 million bags from 2.30 million bags in its June report, primarily due to a reduced consumption projection.
Consumption is now seen at 167.01 million bags this season from a 167.58 million bag projection in its June report and below the 167.6 million seen before pandemic.
Global coffee exports totalled 10.65 million 60-kg bags in July, up 1.7% from July 2020, the ICO said, adding exports for the first ten months of the season rose 2.2% year-on-year to 108.96 million bags.