Coffee prices 2026: the ICO composite fell, Colombian Milds barely did.

The ICO Composite Indicator Price (I-CIP) averaged 262.18 US cents per lb in September 2026. That is 26.0 percent below its record monthly average of 354.32 cents in February 2025. The fall was not shared. From January to September 2026 the Colombian Milds indicator lost 4.2 percent while Brazilian Naturals lost 15.6 percent. A buyer of washed Arabica who watches the composite sees a bigger fall than the coffee they buy has had. The composite is a world market reference. It is not an Ethiopian price and not a Kaffa Bridge price.

Twelve months of the composite

The 2026 low came in June at 248.90 cents. From November 2025 (330.44) to June 2026 is a fall of 24.7 percent over seven months. The USDA's July 2026 report says coffee prices "dropped 25 percent in the last 7 months" on the ICO composite, so the two sources agree. July then jumped 15.4 percent on Brazil weather, a stronger El Nino outlook and thin certified Arabica stocks, the ICO said. September gave most of it back as Brazil's crop, a record 67.6 million bags on CONAB's 24 September count, reached the market.

The table behind the line

Monthly averages, US cents per lb. January to August from Table 1 of the ICO's August report, September from the September report. *October averages the ICO's daily file for 1 to 30 October, before the October report.

Colombian Milds held, Brazil and Robusta did not

The gap between the Colombian Milds and Robustas widened from 179.07 cents in January to 188.66 cents in September. In August it reached 206.82. Colombian Milds now cost 2.13 times Robustas, against 1.93 times in January. The gap between Brazilian Naturals and Robustas went the other way, narrowing from 151.25 to 122.71 cents. The ICO links this to Brazil's much larger Arabica crop, up 34.8 percent, and a lower Robusta estimate.

What the index is made of

Under the ICO's indicator rules, each group is priced from ex-dock quotations for prompt shipment in the USA, Germany and France. Brazilian Naturals are quoted as Brasil Santos. Other Milds use Central American washed coffees, Colombian Milds use Colombian Excelso, and Robustas use Vietnam, Indonesia, Uganda and Côte d'Ivoire. No Ethiopian growth is quoted. In the weightings the ICO lists for use from 1 October 2026, Robustas carry 36.7 percent of the composite. That weight pulls the composite well below every Arabica group.

Setting the Ethiopian minimum beside it

In the week of 13 to 19 October 2026, Ethiopia's regulator published 526 minimum prices for green coffee. We leave out the 44 washed under-grade rows, because the file itself says those minimums applied only until 30 June 2026. The other 482 ran from 2.43 to 4.71 USD per lb, or 242.6 to 471.3 US cents, with a median of 357.5 cents. Over the five ICO trading days in that week the composite averaged 265.3 cents, Brazilian Naturals 299.4 and Other Milds 339.8. The median Ethiopian minimum sat 35 percent above the composite. The median grade 1 washed minimum, 384.7 cents, sat 13 percent above Other Milds. Of the 482, 83 sat below the composite, and all but one were grade 4 or grade 5.

This shows where the regulator's minimums sit against destination benchmarks, not what any lot traded at. The two series are quoted on different delivery bases, so the gaps are a guide to scale, not a margin.

Five checks before you compare a quote with the index

• Use the group, not the composite. Set a washed Ethiopian quote beside Other Milds (329.44 in September) and a natural beside Brazilian Naturals (290.19).
• Convert units. Ethiopian minimums and many quotes are in USD per lb or per kg. The ICO uses US cents per lb. Multiply USD per lb by 100, or divide USD per kg by 2.2046 first.
• Check the basis. ICO groups are ex-dock in the USA and Europe. An FOB Djibouti quote excludes freight, insurance and landing costs.
• Check that week's minimum. Find the same grade, process and exporter type in the floor prices. If a quote sits below it, ask why.
• Watch the spread, not the level. Other Milds over Robustas moved from 138.44 cents in June to 173.86 in July. A move that size changes blend costs before the composite shows it.

Kaffa Bridge quotes on enquiry only, FOB Djibouti or CFR your port, and acts for the buyer rather than the exporter. Set any quote it sends beside that week's minimum yourself.

Sources

• International Coffee Organization, Coffee Market Report September 2026
• International Coffee Organization, Coffee Market Report August 2026, Tables 1 and 2
• International Coffee Organization, Coffee Market Report July 2026
• International Coffee Organization, Coffee Market Report November 2025
• International Coffee Organization, Coffee Market Report February 2025 (record monthly I-CIP)
• International Coffee Organization, ICO Indicator Prices, October 2026 (daily file)
• International Coffee Organization, Rules on Statistics: Indicator Prices, ICC-105-17 Rev. 1
• International Coffee Organization, JC 33/26, share of markets and group weightings from 1 October 2026
• USDA Foreign Agricultural Service, Coffee: World Markets and Trade, July 2026
• ECA weekly minimum price data, week of 13 to 19 October 2026, as republished by Kaffa Bridge
• teaandcoffee.net, The ICO reports coffee prices rebound from lows in early June, 14 July 2026