LONDON, - World 2010-11 coffee output has been revised slightly lower to 133.7 million 60-kg bags, but will still comfortably exceed the previous year, the International Coffee Organisation said in its monthly update on Wednesday.
The revised figure compares with the ICO's previous 2010-11 estimate of 134.8 million 60-kg bags and 2009-10 estimated output of 123.1 million 60-kg bags.
While supply is expected to rise, coffee prices remained underpinned by a shortage of high quality beans.
Coffee markets traded at mutli-year highs on Wednesday, partly due to several lower than average crops from key high quality bean producer Colombia.
"Colombian production is slowly recovering from the low levels of the three preceding crop years and an increase is expected in crop year 2011/12," the ICO said.
Colombia is expected to produce around 9 million bags in 2010/11, up from around 8.1 million bags the previous crop, the ICO said.
Top robusta producer Vietnam's estimated output remained unchanged on the month at 18.4 million bags, while top arabica producer Brazil's output was also unchanged at 48.1 million bags.*****
