Coffee prices are stronger this morning with Mar arabica coffee at a new 13-month high and nearest-futures Dec arabica coffee at a 2-1/4 year high. Coffee prices have rallied sharply this week as the outlook for tighter global coffee inventories has fueled fund buying of coffee futures. Safras & Mercado on Thursday cut its Brazil 2019 coffee production estimate by -3.1% to 57.05 mln bags from April's estimate of 58.9 mln bags. Safras also projects Brazil's 2019/20 coffee ending stocks will plunge -26.8% y/y to 2.32 mln bags and that Brazil 2019/20 coffee exports will fall -18.4% y/y to 34.4 mln bags. The International Coffee Organization (ICO) is forecasting a global 2019/20 coffee deficit of -502,000 bags compared with a +3.7 million bag global surplus in 2018/19.