When a farmer in Colombia sells a truckload of coffee, or a roaster in Hamburg buys a container, the price almost always starts from the same number: the arabica futures price in New York, known as the “C” price. Robusta has its own benchmark in London. Here’s how the two work, and why a trading screen in New York matters to a café in Lisbon.
The Two Contracts
| Arabica (“C”) | Robusta | |
|---|---|---|
| Exchange | ICE Futures U.S., New York | ICE Futures Europe, London |
| Contract size | 37,500 pounds (about 17 tonnes) | 10 tonnes |
| Quoted in | US cents per pound | US dollars per tonne |
| Delivery months | March, May, July, September, December | January, March, May, July, September, November |
The C contract covers arabica from about 20 approved origins, from Mexico and Colombia to Kenya, Uganda, India and Brazil. Vietnam joins the list from the May 2027 contract. Coffee from some origins is delivered at the base price, and coffee from others at a fixed premium or discount.
To compare the two contracts, divide the robusta price in dollars per tonne by about 22 to get cents per pound. At the end of September 2026, robusta at $3,412 a tonne worked out to about 155 cents a pound, a little over half of arabica’s 288.75.
From Futures Price to Real Coffee
Hardly anyone buys actual coffee by taking delivery on the exchange. Physical coffee trades at the C price plus or minus a differential, which covers origin, quality, grade and logistics. A top Colombian or Kenyan lot trades at a healthy premium; a lower grade trades at a discount. The industry’s monthly indicator prices show the spread: in August 2026, Colombian milds averaged about 387 cents a pound, Brazilian naturals about 322 and robustas about 181.
Often the price isn’t even final on the day of the deal. An exporter and a roaster agree on the differential now and “fix” the futures part later, when one of them chooses. That lets each side manage its own risk separately from the physical coffee.
Who Trades It
Roasters buy futures to lock in the cost of coffee they’ll need months ahead. Exporters and producers sell futures to protect the value of coffee they haven’t shipped yet. On top of them sit investment funds, which trade coffee as an asset and move prices from day to day. The 3.6% jump on September 28 came as funds closed out bets against coffee.
Certified Stocks and Squeezes
Coffee delivered against the contract has to be graded and stored in exchange-licensed warehouses. Those certified stocks are one of the most watched numbers in the market. When they run low, traders who owe coffee in the expiring month can struggle to find any, and prices can spike. That’s what happened in August 2026, when the September contract was squeezed up to 363.60 cents, with certified arabica stocks at their lowest since 1999.
Where Farmers Fit In
For most farmers, the C price is the price, give or take whatever differential their buyer offers. That’s why a drought in Brazil or a tariff decision in Washington shows up in a farmer’s income in Honduras. Some specialty buyers pay fixed prices set well above the market, and Fairtrade sets a floor. From December 1, 2026, its minimum for washed arabica rises from $1.80 to $2.00 a pound, with a $0.20 premium on top. With futures near $2.89, that floor isn’t doing much work right now. When prices crash, it matters a great deal.