Brazil coffee exports down, crop view revised downwards
Feb, 24, 2023 Posted by Gabriel MalheirosWeek 202310
Exports of coffee from Brazil, the world’s largest supplier, are down sharply in February, according to preliminary data from the government, while an independent report released on February 23 revised downward projections for the new crop.
Data from Brazil’s Foreign Trade Department showed on that green coffee exports averaged 6,000 tonnes per day (100,000 60-kg bags) up to the third week of February, compared to a daily average of 10,960 tonnes (182,660 bags) for the full month of February in 2022.
The government agency releases weekly numbers with daily averages, as well as total figures when the month is over.
Broker and analyst HedgePoint revised its projection for Brazil’s 2023/24 arabica coffee production to 42.3 million bags from 45.4 million bags previously.
HedgePoint analyst Natalia Gandolphi said that the recent good level of rains was not enough to offset the negative impacts that crops in Brazil suffered from a prolonged dry spell late last year, which hurt the flowering phase.
She also said numbers were revised considering recent data on coffee areas released by the government.
Source: Money Times
To read the original news report, visit: https://www.moneytimes.com.br/exportacao-de-cafe-do-brasil-cai-em-fevereiro-expectativa-de-safra-e-revisada-para-baixo/
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