Coffee importers in some of the largest consuming countries are stockpiling, bringing forward orders by up to a month to avoid shortages if supply chains are disrupted by coronavirus lockdowns.
FILE PHOTO: A worker arranges harvested coffee cherries inside a tractor in a plantation in the town of Sao Joao da Boa Vista in Sao Paulo state, Brazil, June 6, 2019. REUTERS/Amanda Perobelli
“Everyone is trying to speed things up,” said Carlos de Valdenebro, Colombia country director for specialty exporter Caravela Coffee. While Colombia is currently between harvests, he said he was concerned about requests for faster shipments as most exporters that still have stocks in the country have temporarily cut operational capacity.
Benchmark ICE arabica coffee futures are positive so far in March. That stands in contrast to a 50% fall in benchmark international crude oil futures and a 15% plunge in the Dow Jones stock index. Brazilian coffee exporters association Cecafe said shipments are normal for now, but said shipping lines have advised that container shortages might occur in the coming months, when Brazil could harvest its biggest crop ever, around 70 million bags according to independent analysts.
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