Exports from Brazil, the globe's top shipper, are forecast to increase 5.9 percent while farmers contend with the unsold supplies they have from the record crop, according to an advocacy for Brazilian exporters of coffee in Sao Paulo. Arabica coffee futures have lost roughly 25 percent of their value during the past year.
"This is a situation of abundance," president Christian Wolthers with importer Wolthers America in Fort Lauderdale, Florida, told the news source on Wednesday. "There are no frost threats coming over the coffee belt in Brazil, and the recent dry weather may actually result in more cherries per tree."
At 12:31 p.m. on Wednesday, coffee futures fell 1.77 percent, a 0.0235-cent loss to $1.3035 per pound.
The Wall Street Journal reports CeCafe, the Council of Brazilian Coffee Exporters, also said on Tuesday that it is demanding better treatment for its coffee beans on the ICE Futures exchange in the U.S.
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