How to Compare Fine Robusta Quotes: Futures, Differentials, Logistics, and Lot Evidence

A Fine Robusta quote has two layers. One is the market reference, usually the ICE London Robusta futures contract. The other is everything that makes a specific lot worth more or less than that reference: quality, preparation, delivery point, packing, and contract terms. Buyers who compare offers without separating those layers often end up comparing two different products.

This guide covers the first layer in detail: how to read a quote against the futures benchmark and where the differential sits. For the full line-by-line comparison sheet, see our guides on comparing Cambodian Robusta quotations and comparing FOB pricing between suppliers. Neither replaces a lot sample, a signed specification, or advice from a customs or logistics specialist in your market.

What the futures price is, and what it is not

ICE describes its Robusta Coffee futures contract as the global benchmark for pricing physical Robusta. The contract specification is narrow:

• Contract size is ten tonnes, quoted in US dollars per metric tonne.
• Delivery months are January, March, May, July, September, and November.
• Settlement is by physical delivery into an exchange-nominated warehouse in Europe or the United States.
• Class 1 Robusta is deliverable at the contract price. Other qualities are deliverable at set premiums and discounts.
• Robusta from any origin that is freely available for export can be delivered.

That last point matters. The exchange price is for a standardized grade in a European or US warehouse. It says nothing about one Cambodian lot's cup quality, moisture, defect count, or how the coffee is packed and shipped.

For a dated example: on October 30, 2026, the London November 2026 contract fell USD 40 to USD 3,200 per tonne, and the January 2027 contract settled at USD 3,199 per tonne, according to a BCCE market report. USD 3,200 per tonne works out to USD 3.20 per kilogram. That is a reference for an exchange contract on one day. It is not a delivered price for any lot, and it excludes quality premiums, inland transport, export handling, freight, insurance, financing, and import costs.

Where the differential sits

A physical offer is either a flat price or a price expressed against the benchmark. When it is expressed against the benchmark, the gap between the two is the differential. It can be positive or negative, and it reflects the seller's view of everything the exchange contract does not cover.

For any offer priced against futures, write down four things before comparing it with anything else:

1. The contract month. A differential against November is not the same as one against January or March, because the months trade at different prices.
2. The quotation date and time. Futures move every trading day. A differential agreed last week sits on top of a different number today.
3. The unit and currency. Convert everything to USD per kilogram or USD per tonne before comparing.
4. Who fixes the price, and when. Some contracts fix the futures price at signing. Others leave it to be fixed later against a named month. Ask which applies, who can trigger the fix, and the deadline.

If a seller quotes a flat price, ask which benchmark and date the price was built from, so you can tell whether a gap between two offers comes from the coffee or from the day each quote was made.

Why "Fine" needs evidence, not a label

According to CBI, the Coffee Quality Institute launched its Fine Robusta standards and protocols in 2019, and Fine Robusta may need to go through a CQI grading process. CBI also describes specialty-grade Robusta, scoring 80 to 85 on the SCA scale, as a niche but growing part of the European market.

For a buyer, the practical point is simple. A large positive differential is only justified if the lot can show why. Ask for:

• the grading report, who issued it, and the date;
• the sample reference that connects the report to the offered lot;
• physical data such as moisture, screen distribution, and defect counts;
• confirmation that the shipment will match the approved sample.

If a supplier uses "Fine Robusta" without a grading report, treat the term as a description, not a specification, and price the offer accordingly.

Logistics change the comparison more than the benchmark does

The futures price is the same for every seller on a given day. Logistics are not. The Incoterm defines where cost and risk move from seller to buyer. The ICC maintains the Incoterms rules, and the contract should name the version used.

An FOB offer and a CIF offer cannot be compared until freight and insurance are added to the FOB number. A low FOB price can produce a higher landed cost if the shipment is small, needs consolidation, or leaves from a port with fewer sailings. Freight quotes also expire on a different schedule from coffee quotes, so record the validity of each separately.

A worked comparison method

To compare two offers fairly:

1. Convert both to the same unit and currency.
2. If either is priced against futures, restate it as a flat number using the same contract month and the same settlement date.
3. Add the costs that fall outside each Incoterm until both reach the same delivery point.
4. Mark every estimate as an estimate, with an expiry date.
5. Score evidence completeness separately: lot identity, grading report, representative sample, and documentation readiness.

The result should show two things side by side: an estimated landed cost and the strength of the evidence behind it. A cheaper offer with no grading report and vague rejection terms may carry more risk than a dearer one with a documented specification.

Questions to send before requesting a sample

• Which futures month and date is this price based on, or is it a flat price?
• Is the price fixed now, or fixed later? Who fixes it, and by when?
• What grading report supports the quality claim, and does it relate to this lot?
• What is the Incoterm, the named place, and the Incoterms version?
• How long is the quote valid, and is freight quoted separately?
• Will a pre-shipment sample be available?

Common mistakes

The most common mistake is comparing a futures settlement with a delivered physical quote. The next is comparing differentials quoted against different contract months, or on different days. Buyers also lose clarity when they treat a quality label as a specification, or mix FOB and CIF numbers in one table.

Finally, the cheapest sample is not always the cheapest supply program. Re-sampling, rejected deliveries, slow documents, and inconsistent replacement stock all add cost later.

Buyers evaluating a Cambodian coffee program can use Origin Coffee Cambodia (OCC.)'s wholesale pathway to request current lot information, available samples, and commercial terms.

Sources

• ICE, "Robusta Coffee Futures" contract specifications, accessed November 3, 2026: https://www.ice.com/products/37089079/Robusta-Coffee-Futures
• BCCE, "Industrial raw materials market on October 30, 2026: Coffee and palm oil turn lower": https://bcce.vn/en/posts/industrial-raw-materials-market-october-30-2026-coffee-and-palm-oil-turn-lower
• CBI, "Entering the European market for Robusta coffee," last updated October 30, 2025: https://www.cbi.eu/market-information/coffee/robusta-coffee/market-entry
• ICC, Incoterms rules: https://iccwbo.org/business-solutions/incoterms-rules/