The higher terminal market and lower minimum registration prices coupled with rather firm Natural differentials from other origins allowed for a little more business to get done this week compared to previous weeks. However, quality has to be very carefully checked and only small volumes are available as we are at the tail end of the 22/23 marketing season.
Regarding the 23/24 crop the outlook remains positive, good rains followed by days of sunshine are ideal weather conditions for the ripening of the crop. Harvesting in Sidamo, Guji and Yirgacheffe is imminent. Cherry prices remain between 25 and 30 Birr/kg cherry. Liquidity concerns are ongoing, financing this crop has not been easy and is unlikely to get any easier as banks are reluctant to advance cash having had their fingers burnt last crop. We remain extremely optimistic that quality concerns surrounding last crop 22/23 will not repeat themselves this time round.
Fighting in Amhara returns to the region, for more please follow the link: https://www.bbc.com/news/world/africa?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=6548a7032ea49e2bc0099d81%26Fighting%20intensifies%20in%20Ethiopia%27s%20Amhara%20amid%20blackout%262023-11-06T09%3A15%3A12.881Z&ns_fee=0&pinned_post_locator=urn:asset:eea4423c-a80a-4700-83cf-3ad263915126&pinned_post_asset_id=6548a7032ea49e2bc0099d81&pinned_post_type=share
The Prime Minister stoked tensions with Eritrea with comments regarding the problems that Ethiopia faces due to being a landlocked country since Eritrea succeeded in the 90’s. For the BBC’s take on this story please follow the link: https://www.bbc.com/news/world-africa-67332811
Birr 55.60 = USD 1
Have a good weekend.