Sh1.9 billion coffee sold between Oct and Nov
The value of marketed coffee between October and November hit Sh1.6 billion helped by quality beans from western Kenya.
Nairobi Coffee Exchange (NCE) indicates the value rose from Sh1.57 billion between October and November last year to Sh1.61 in the review period.
The report shows volumes at the exchange moved up 22.62 per cent from 63,891 kilos sold in 2017 to 78,342 this year.
“There was a good crop witnessed from Western and Rift Valley regions coming early to the market and hence lifting the earnings,” says NCE chief executive Daniel Mbithi.
The high volumes and low international price affected the cost at the auction which dropped by about 15.78 per cent from Sh20,200 to Sh16,200 per 50 kilo bag.
“This is due to the low prices experienced at the Intercontinental Commodity Exchange (ICE) in New York, being the benchmark for the Arabica coffees,” said Mr Mbithi.
The cost of the produce dropped by about 30cts/lb from an average of 140cts/lb in 2017 to about 110cts/lb in the review period.
Small-scale coffee farmers from Kiambu, Bungoma and Nyeri Counties earned the highest prices of the premium Grade AA that was offered for sale during this week’s auction.