Jul 15 (Reuters) – Brazilian coffee growers had sold 48% of this year’s crop as of July 13, a faster pace than this time last year and also ahead of the average for the period, at times in which coffee prices are at highs in more than four years.
According to a report by the consulting firm Safras & Mercado, coffee producers in Brazil had sold 40% of the harvest at this time last year. The five-year average is lower, at 33%.
Coffee prices in New York reached their highest level in more than four years last month due to expectations of a shortfall in supply in the 2021/22 season.
Safras said that as the harvest progresses and there are more ready batches on the market, sales pick up speed. Brazil generally begins harvesting around May and fieldwork is completed in August or September.
Based on sales projections, the consulting firm says that 27 million 60-kg bags have been marketed out of the total harvest estimated at 56.5 million bags.
The country is having a lower production this season, a low year in the biennial cycle for arabica coffee. A drought in the first half also affected production.
(Report by Marcelo Teixeira. Edited in Spanish by Marion Giraldo)