A proposal by Colombian coffee growers' federation that producer countries ...
BOGOTA/NEW YORK - A proposal by Colombian coffee growers’ federation that producer countries sell their high-quality harvests untethered from the New York market price could encourage buyers to look for alternative providers, importers and exporters said.
Prices on the New York market have hovered at or below $1 per pound so far in 2019. Last week, the most-active ICE arabica futures contract bottomed at a 13-year low of 94.65 cents per pound. But despite the proposal’s popularity with struggling growers, an alternative price could have buyers looking elsewhere.
Colombian farmers need to make 760,000 pesos per 125-kg shipment on the domestic market to meet production costs, the federation has said. Prices were at 692,000 pesos per shipment on Monday.An effort in 2000 to get coffee producers to hold back 20 percent of output until prices climbed to $1.05 per pound was scrapped after just a few producer countries - including Colombia - agreed to participate.
Due to slumping prices and delays in certifying organic beans, coffee producers in Peru, for example, have been seen abandoning their crop to work on plantations that grow coca, the main ingredient in cocaine, the federation there said recently. The U.S. National Coffee Association said its members, who include major chains Starbucks and Peet’s Coffee & Tea, agree growth requires stability for farmers, but price controls are generally unsuccessful.
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