The rally in NY really gave business a push this week, the terminal market moved approximately 20 usc/lb and finally shippers’ price expectations could be achieved. A lot of business was concluded this week let’s see some execution now! Quality of Naturals (Grade 4 and 5) seen so far this crop cycle has been very disappointing, with many samples rejected for earthy, mouldy and phenolic cups. It seems that wet weather in parts of Djimmah and insecurity in Wellega region have played a hand in reducing cup quality. Washed coffee quality is good but there is very little Washed Sidamo and Yirgacheffe this year therefore buyers need to be diligent to avoid receiving coffee from different regions “to what it says on the bottle”!
Meanwhile shipments continue to disappoint, March marks the first shipment month of New Crop shipments and this March was the lowest for shipments in the last 5 years. This follows very low shipments in December, January and February. We expect that in April there will not be a sharp reversal, hopefully the recent rally in NY and business concluded this week will eventually filter into better shipment figures.
Birr 54.03 = USD 1
Have a good weekend