Futures Market News
Colombian Arabica bean production dropped in August
Sep 16, 2011 02:42 PM
August exports of Arabica coffee beans from the globe's No. 2 shipper of the soft commodity plunged to their lowest amounts in 23 years because of inclement weather's impact on crops, according to Bloomberg.
Colombian exportation of the beans in August was 374,000 bags, a 38 percent reduction from 599,000 bags during the same month last year, according to information from the Bogota-based National Federation of Coffee Growers. For the month of September 1988, Colombia shipped 347,000 bags.
Brazil is the globe's top exporter of Arabica coffee beans.
During the past 12 months, coffee prices have rallied 39 percent in part because of reduced exports from Colombia. But inclement weather from last year dragged down last month's output, according to the federation.
A crop forecaster for the Brazilian government said earlier this week that the 2011-2012 marketing season will see coffee harvests amount to about 43.15 million bags of coffee weighing 60 kilograms apiece, Forexpros reports.
Though that production level was reduced from the projection last month of 43.54 million bags, the total remains Brazil's biggest off-cycle harvest since the season from 1999-2000.
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