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Brazil coffee exports down 35% as farmers hold on to remaining stocks

Green coffee exports by Brazil, the world’s largest supplier, fell 35.8% in February, exporters group Cecafe said on Thursday, as stocks in the country run low after two poor crops and farmers are reluctant to sell what is left at current prices.

Cecafe said shipments last month amounted to only 2.11 million bags, the smallest for February since at least 2018.

Cecafe President Marcio Ferreira said that despite the recent recovery of arabica coffee prices in New York KCc2, current international rates are lower than in Brazil, leading coffee farmers to sell locally or not at all.

Ferreira said international traders are trying to source coffee at destination countries, seeking remaining stocks priced close to New York futures.

“It is a situation that is likely to continue until around June or July, when the new (Brazilian) crop arrives to the market,” he said.

Exports of arabica green coffee fell 35.5% to 2.02 million bags from February 2022. Exports of robusta coffee fell 42.1%, to 83,361 bags, Cecafe said.
Source: Reuters (Reporting by Nayara Figueiredo Editing by Chris Reese and Richard Chang)

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