Daily Coffee Report 11/3/26
Daily coffee report
StoneX Coffee Team
- Coffee
RECAP: Colombia Mid-Crop Harvest Begins Amid All-Time Record High Coffee Prices
Diana Delgado
Contractor
RECAP: Colombia Mid-Crop Harvest Begins Amid All-Time Record High Coffee Prices
Coffee Network (Bogota)- Colombia is picking a delayed mid-crop harvest with the bulk set to be collected in May and June amid record high coffee prices in history.
The world’s largest producer of high-quality Arabica beans is expected to pick some 6.06 million bags of 60kg, down 6.9% from the same period last year, according to the country’s coffee growers federation (FNC).
Production could hit as low as 5.64 million 60-kg bags and as much as 6.48 million bags during the first semester.
The coffee harvest during the first half, also known as secondary harvest, will come lower because the mild La Niña weather phenomenon prompted rains and high cloudiness that did not allow the proper formation of flowering, Hernando Duque, technical director of FNC, said.
By regions, the center of Colombia will yield 3.441 million bags, contributing with 56.8% of output. The South will yield 2.399 million bags, weighting 39.6% of total output during the first semester. The north of the country will contribute with 219,072 bags.
La Niña brings increased rainfall, greater cloudiness, reduced daylight hours, lower temperatures and excess water, which means that the plant does not have temporary water deficits, which are the ones that stimulate larger blooms," FNC’s technical manager Duque stressed.
Colombia’s secondary harvest weights around 40% of the country’s total coffee output, and it is picked in the southern provinces of Nariño, Cauca, as well as the central Tolima province and some regions of Huila among others.
But coffee growers will pocket the highest gains ever as local coffee prices have touched the highest levels in history.
The reference price for two bags of parchment coffee (125kg) reached COP1.317 Colombian pesos ($354) yesterday, the second highest level ever. The highest level was recorded on Wednesday when they touched 1.34 million Colombian pesos, according to figures from the coffee growers federation.
Local coffee prices are calculated daily taking into consideration the fluctuations of the Colombian peso to the dollar, international coffee prices and the premium for Colombia coffee.
The Colombian peso has depreciated 6% so far 2021, closing on at COP3,712 yesterday, further depreciating amid social unrest as Colombians demand the withdrawal of a new fiscal reform that the government has sent to Congress. The protests, that enter the third day, are viewed by international analysts as a negative sign that may prompt the downgrade of Colombian rating, with the South American potentially losing its investment grade.
The July contract was trading at 145.65 per pound earlier today, while differentials on Colombian coffee are around $0.50 cents per pound above the ICE Futures U.S. benchmark "C" contract for Colombian usual good quality Arabica beans.
Roberto Velez, general manager of the coffee growers’ federation, said the increase reflects lower output in Brazil, reducing global coffee supply.
“Coffee will grow on demand if we can please our consumers. And that pleasure comes from the quality of the product that we are suppyling. We remain committed to keep producing the best quality possible. We continue working on productivity and quality,” Roberto Velez, general manager of the coffee growers federation said during the webinar yesterday.
Velez said the higher prices will cover the increased costs of fertilizers.
“These price levels help the family economy of the producers. They help to compensate for something that we have been complaining about and that is the increase in the prices of fertilizers. In the last six months, the price of urea has grown 28%, the bar 40%, that is, the cost of fertilization has been rising and a better income helps to shovel these costs to be able to continue with the activity,” he said.
HONDURAS PROVIDES FERTILIZERS
Honduras, the world’s fifth largest coffee-exporter has rolled out a new program that seeks to boost productivity by granting fertilizers to coffee growers.
The plan calls to distribute around 500,000 bags of fertilizers among small producers who produce 150 quintals or less per year. Producers have to demonstrate that they reported a harvest in the 2019-2020 coffee year.
On this occasion, it is also intended to make 500,000 more bags of fertilizer available to medium and large companies at a differentiated price, Miguel Pon, director of the Honduras coffee exporters association, ADECAFEH, told Coffee Network.
Foreign Minister Lisandro Rosales announced on Monday that it held negotiations with his Russian counterpart Sergey Lavrov to buy fertilizers at low cost and support small producers and reactivate agriculture, the Honduras government said.
"Access to fertilizers at very low prices was discussed for the reactivation of small agricultural producers that were affected and thus be able to contribute to the economic reactivation of the country," Rosales reported on some of the points addressed in the Reconstruction Plan and Sustainable Development of Honduras.
"We have exposed the reality of our country, 2020 was tragic, because in addition to the Covid-19 pandemic we were hit by hurricanes Eta and Iota and that led us to a higher level of vulnerability with a strong impact on our economy," the diplomatic added.
The bulk of the Honduras coffee harvest has finished and now remains the processing and exporting coffee during May, June and July, in which ADECAFEH “expects a significant movement of exports. For coffee growers, the upcoming months are key to fertilize farms for which the government approved this fertilization package.
Mario Suazo, a member of the IHCAFE, coffee institute, said very little coffee is being picked at coffee plantations above 1,400 meters high.
Honduras exported 2.94 million bags of 60-kg in the coffee year October- April 26, down 15% from the 3.47 million bags in the same period last year. Honduras is expected to export 5.6 million bags in the 2020-2021 coffee year, but some analysts have said exports may not surpass 5 million in the year that ends on September 30.
Taking into consideration that the bulk of the harvest has finished, and Honduras still has some coffee stored to meet export contracts for the upcoming three months, it is more realistic to believe the exports will approach the 5 million mark.
The average export price per 46kg bag to April 26 is US$ 145.26 compared to US$ 124.19 in the same period a year earlier, reflecting an increase of 17% because of the shortfall of Honduras coffee availability..
The value of exports is US$562.82 million, a decrease of 1% than in the same period last year, reflecting that even though there is decrease of coffee exports, the rise in coffee values have compensated the shortfall in supply.
By Diana Delgado
- Coffee
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