Nestle’s Mexican exports sour as COVID-19 coffee contraction continues

Ags - Softs 118 Brazil 351 Consumer Staples 650 Coronavirus 455 Guatemala 12 Mexico 751

The government of Guatemala is withdrawing from the International Coffee Organization, citing dissatisfaction with the progress of global coffee prices which have fallen by 20.4% year to date. That’s largely been driven by COVID-19 related closures in the food service sector. Guatemala only represented 2.4% of ICO volumes in the 12 months to May 31. Indeed it’s done better than most with a 0.2% year over year slip in the past 12 months compared to a 1.4% slide in total ICO group exports and a 14.1% slump in shipments from Mexico. Reduced demand cut total ICO exports by 14.6% in the month...

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