OIC raises forecast world crop of coffee 2016/17

LONDON-the International Coffee Organization (ICO) raised on Thursday forecast for world grain production in 2016/17 to an all-time record of 153.9 million bags of 60 kilograms, up from the previous projection of 151.6 million.
"This is due mainly to an increase in production from Indonesia, revised from 10 million to 11.5 million bags, and a significant revision to the Peru to 4.2 million bags," the OIC in monthly report.
The total production of Arabica coffee was provided in 97.3 million sacks, an increase of 10,2% compared to 2015/16, while the robusta production should fall 10,6%, 56.6 million.
The ICO predicted consumption in 2016/17 in 155.1 million sacks, representing a decline of 0,3% compared to the previous season, driven by a fall of 1,4% in North America.
A global deficit smaller than 1.2 million sacks was provided for 2016/17, fall to 3.9 million deficit in 2015/16.