By Marvin G. Perez and Fabiana Batista
(Bloomberg) --
Updated figures on damage caused by frost last month were raised to 19% of South Minas’ crop potential, 13% of Sao Paulo, 13% in Cerrado, plus 11% of Parana’s, Sao Paulo-based exporter Comexim says in report.
That compares with prior ests. at 12.5%, 8.5%, 13% and 11%, respectively; new figures includes impact from July 29 frost, which was less destructive but also caused damage
“Trees have suffered with the frost, but dry weather is also threatening Brazil’s next crop”
“Most forecast models indicate there is no rain at all is expected in most coffee regions for the next week”
Range of estimates for 2022-23 losses are wide: Citigroup pegged them between 2m-4m bags “at this stage, or 3%-6% of what it expects the country to produce next year
NOTE: Other losses include 8.8m bags from broker Marex, range of 5m-10m by Brazilian government, 5.2m by Ecom, 5.7m by Mercon
NOTE: Arabica coffee futures are up 45% this year spurred by losses in the South American country
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