A number of meetings of coffee professionals are taking place across Europe currently, last week many were in London for the British Coffee Association (BCA) gathering and this week we have the World of Coffee event in Milan. Most participants are so pleased to reconnect with old coffee friends that the discussions about our trade’s ailments get forgotten, this is truly a people business with connections that stretch around the globe. True to form, many Ethiopian Exporters are in Europe keen to find homes for higher than usual stocks (for this time of the year) sitting in their warehouses back in Addis. Whereas the terminal market has not returned to the hefty levels seen in February (260 ish) the recent foray in the 240’s helped flush out some of these stocks. No doubt that lower than expected mild arabica crops in Central and South America have also helped in keeping bid prices at historically attractive differentials. However, there still seem to be stocks of good quality coffee unsold, these will be looking for buyers in the coming weeks. In Addis many shippers are busy fulfilling recently done Grade 4 and 5 sales. Shipments continue to be hampered by logistical constraints, lack of food grade containers and slots of vessels, however, all in all, coffee is flowing reasonably well along the supply chain.
The week started with grim reports of attacks, burning of dwellings and mass graves; pls follow the link for the BBC’s report: https://www.bbc.com/news/world-africa-61864392
Birr 51.90 = USD 1
Have a good weekend