In Brazil prices are at all time highs (Local FX terms).
On the international market, Brazil is the cheapest source of Arabica coffee (Differentially). It's a fantastic clearing price for Brazilian producers, despite the well covered production and pipeline difficulties.
It is in Brazil's interest to maintain the market's confidence in their ability to supply this crop, and more importantly, begin to be able to sell forward crops at these prices eventually.
If the market were to doubt this, Brazil would lose its ability to sell forward the 23/24 and onward as no international merchants would assume the associated risks (counterparty, financial, etc).
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