In March the growth in inventories in most varieties reinforces the fact that the market lacks any clear signals of a reverse in the current downward trend.

From the monthly report by the International Coffee Organization (ICO):

In March, the ICO composite indicator price fell slightly. While Robustas remained broadly stable, Arabica prices were under pressure. Despite the poor Conilon/Robusta harvest in Brazil and Vietnam, the market remained well supplied as export levels in the period October 2016 to February 2017 were higher than the year before, while inventories in importing countries continued to grow. In combination with an increasingly positive outlook for the 2017/18 crop, the market currently lacks any strong signals to reverse from its current gradual decline.

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