The survey participants expect the global supply balance to swing into a deficit of an estimated 2.5 million 60-kg bags in 2019-20, according to the median forecast, following a 2018-19 surplus.
"We will start to feel less overall production with steady to firm demand," said Jack Scoville, vice president at Price Futures Group.
The looming deficit is expected to lift arabica prices to $1.15 per pound by the end of 2019, compared with Thursday's close of $1.0065. Still, this is lower than the $1.25-per-pound price that respondents had forecast in February for year-end.
The last time the front-month contract hit $1.15 was November 2018.
Global coffee prices crashed to 13-1/2-year lows in April as the market struggled to absorb a record-large, 62-million bag 2018-19 crop from top-grower Brazil. A frost in the world's top producer early this month lifted prices to 2019 highs, but they have since dipped and are once again eyeing the sub-$1.00-per-pound level, as the impact of the frost appears limited. Brazilian output in 2019-20, an off-year in the biennial production cycle, is seen at 56 million bags, of which 38 million bags will be arabica, according to the median forecast. This is lower than the US government's forecast of 59.3 million bags.