Brazil's Safras Cuts 2022 Coffee Crop Estimate -- Market Talk

(Dow Jones) -- 0910 ET - Brazilian agricultural consultancy Safras & Mercado cut its estimate for the country's 2022 coffee crop to 57.3M 132-pound bags. The group's previous estimate was for a crop of 58.2M bags and its first forecast was for 61.1M bags. Brazil is the world's biggest producer and exporter of coffee, and the 2022 crop was hit by droughts and frosts, reducing production. Safras estimates the country produced 34.6M bags of the more sought-after arabica variety of coffee and 22.7M bags of robusta beans.