After an eventful week, the last week of October has been much calmer, with the political status quo returning to Addis, a quiet simmer after boiling over! Crop wise, picking continues with prices being paid for Cherry varying between 10-11 Birr per Kg cherry in Sidama;
The terminal market’s upwards trajectory in the last few days has allowed for some more in line with expectations differentials to be registered at the National Bank Of Ethiopia (NBE); a sample of yesterday’s registered prices follow:
Djimma 5 @ 83 c/lb
Sidamo 4 @ 108 c/lb
Limu 3 @ 115 c/lb
Outright offers for New Crop Washed coffee still firm, terminal strength translates to lower differentials however we expect that the terminal market will have to rise a few more cents before differentials become attractive.
The weather has brought no surprises these last few days. Some rains in the highlands to the South, dry in Addis.
by Charles Seara Cardoso