Harvest progresses smoothly

Cherry prices have increased a tad this week, we have heard that agrabis are paying up to 30 Birr per kg of cherry. This price remains still well below last year’s cherry prices which reached 3 times as much. Weather continues favourable for harvesting. Benchi Maji has seen some rain but this is not affecting processing. Liquidity remains tight with cash to finance the crop very much reduced viz a viz past seasons. Banks had their fingers burnt during the last couple of years and now are reluctant to support exporters.

Saudis continue to be the main buyers for Ethiopia coffee, most of the recent contract registrations are of UG quality which has a Minimum Registration Price of 1.33 USD/lb, and is therefore cheaper that Brazil. The lower price reflects the poor quality, however these shipments will insure that new crop shipment starting 2nd quarter 2024 will not be mixed with current crop lower quality coffees. Some volumes of washed coffee remain unsold however price/quality matrix not working for most buyers.

Security remains stable at present, most of the country seems to be peaceful.

The PM halted any speculation that tensions with Eritrea have increased in recent weeks: https://www.bbc.com/news/live/world-africa-67176382?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=653a1bb4364b3f1612ec6815%26We%20will%20not%20invade%20any%20country%20-%20Ethiopia%20PM%262023-10-26T09%3A06%3A40.863Z&ns_fee=0&pinned_post_locator=urn:asset:75b2faec-8268-40f4-a36a-2b59d8db3dc4&pinned_post_asset_id=653a1bb4364b3f1612ec6815&pinned_post_type=share

On a more positive note an Ethiopian scientist working in the US has been awarded the prestigious National Medal of Science by President Biden: https://www.bbc.com/news/world-africa-67213442

Birr 55.48 = USD 1

Have a good weekend