NEW DELHI (Commodity Online): Bad weather conditions in major coffee growing regions especially in Asia and in Latin America has lowered the world coffee estimates by 2.6 million bags (each bag = 60 kg).
According to International Coffee Organisation (ICO), the present coffee estimates for 2011-12 is 127.4 million bags from the earlier estimated of 130 million bags.
Unfavorable weather conditions especially in latin America and Indonesia which could have impacted negatively production or post-harvest activities lowering estimates.
Whereas the coffee production in India is estimated to dip by more than 16 percent to 5.5 million bags.
At 5.54 a.m, near-term coffee contract declined 0.85 % to $237.50 on Inter Continental Exchange.
