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Article Excerpt
Coffee prices have risen somewhat in recent weeks, largely because of announced production cutbacks in the world's two largest producing countries, Brazil and Vietnam. Futures contracts for March delivery were recently quoted at US$69 per hundredweight, and May at US$71.40. Last year, at the height of the coffee crisis, prices had fallen to record lows in the neighborhood of US$45 (See NotiCen, 2002-08-01). "That represents an important recovery," said Luis Fernando Montenegro, president of Guatemala's Asociacion Nacional de Cafe (ANACAFE). Montenegro nevertheless is concerned about coffee producing countries that provide agricultural subsidies that distort the market and cause difficulties for Guatemalan producers.
Montenegro told reporters that, with the Brazilian and Vietnamese reductions, which could amount to between 40% and 50%, coffee could reach US$90 this year. For the 2002-2003 coffee year, Guatemala is expecting production of 4.1 million sacks of 46 kg, 200,000 fewer than for the previous year. Montenegro took the opportunity of the crop announcement to criticize the government for having failed to aid his organization's member producers. He said the lack of governmental support...
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