By Marvin G. Perez
Production cut to between 13m-13.5m bags from from prior estimate near 14m bags, Roberto Velez, CEO of Colombian Federation of Coffee Growers, says from Dubai.
La Nina-induced heavy rains and cloudy days curbed yields and has dimmed the outlook for the 2021-22 as well, he said
“For the moment we are not very optimistic for next year because it has rained tremendously,” he says
NOTE: Arabica coffee prices surged more than 60% this year after drought and frost slashed yields for this year and at least one more season in top grower Brazil
Supply tightness has been compounded by surging freight costs and shipping delays that are forcing roasters to use existing stockpiles
Output cut comes as the nation grapples with producer contract defaults said as high as 1m bags
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