COVID continues to spread in Addis and the number of recorded cases is increasing, now over 4,000 cases and sadly 72 deaths. Some shippers are complaining of canceled and postponed shipments of better quality coffees as a consequence of the restrictions imposed in recent months in consuming countries.
Meanwhile, everyone (except shippers) is complaining about the quality of this year’s offerings, the question is this season’s quality that much poorer or are shippers trying to get away with shipping coffee that is less onerous to prepare?
We fear that there will be a higher than usual proportion of the crop stuck at destination ports without any buyers as a consequence of poor quality shipments. Registered sales continue at a diminished pace due to the high minimum prices and a depressed terminal market.
The graph below tracks weekly Minimum Registration Prices vs NY, with NY below 100 cents differentials for Naturals have become uncompetitive; not since early April have Djimmahs and Lekemptis been attractive:
USD 1 = Birr 34.50
by Charles Seara Cardoso