Brazil’s 2023/24 coffee crop 64% sold, consultancy says
Coffee sales by Brazilian farmers gained momentum in recent weeks as prices rose, but still lag levels seen at the same point last year and the long-term average for the period, consultancy Safras & Mercado said on Friday.
According to Safras, Brazilian producers had sold 64% of their 2023/24 crop as of Nov. 13, up eight percentage points from the previous month but slightly below the 65% sold by this time in 2022 and the five-year average of 66%.
The increased selling pace after a period of “inertia” reflected higher coffee prices, Safras said, with arabica coffee futures KCc2 traded on ICE having reached their highest level in nearly five months earlier this week.
The sales could have been even higher in the last month if buyers hadn’t maintained a “measured stance”, Safras consultant Gil Barabach said in a statement.
Sales of arabica coffee reached 60% of the expected production, below the 64% long-term average, while deals for robusta coffee were estimated at 72%, above the 66% five-year average.
Brazil is the world’s largest coffee producer and exporter.
Source: Reuters (Reporting by Gabriel Araujo, Editing by Bill Berkrot)