Date: 1st December 2009 Source: bloomberg.com Comment: Is this the smallest crop in twenty-five years? Colombian coffee producers will tap stockpiles already at “minimum levels” to satisfy export demand, the leader of the nation’s growers federation said.
Colombia, the world’s fourth-largest producer, must draw on already depleted stocks because of lower output, Luis Genaro Munoz, chief executive officer of the Colombian National Coffee Growers Federation, said today in an interview in Bogota.
Production will slump 30 percent this year because of poor weather to about 8 million tons, while exporters will ship 8.1 million bags of coffee. This year, Colombia’s crop may be the smallest in at least 25 years, according to the federation.
Coffee export revenue will drop to $1.7 billion from $2.2 billion last year, even after prices gained, Genaro Munoz said earlier today at a news conference.
Coffee has rallied 27 percent this year in New York.