Coffee prices continued their decline as speculation over the current 2015/16 Brazilian crop suggests that the market has no immediate supply concerns.

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

Coffee prices continued their decline in reaction to speculation about the data on the current 2015/16 Brazilian crop, which suggest that there will not be market concerns over the immediate effects on global supply. The continued weakness of the Brazilian real has exerted more downward pressure on prices, although export volumes increased slightly in April.

Finally, Conab released its second estimate of production in Brazil for 2015/16, which is expected to decline by 2.3% to 44.3 million bags, which is located at the far end of the initial range forecast in January.

Read full report here.