Among the records set before the close of the Cup of Excellence 2008 auction: highest selling price, most buyers, most revenues for sales and the longest on-line purchase.
The coffee from the La Ilusión finca, located near the Santa Ana Volcano and owned by Ernesto Menéndez, started it off at 8:30 in the morning, an hour and 23 minutes after the start-up. The 1,000-dollars-per quintal barrier had already been broken. A quintal contains 46 kilograms of product, or just over 100 pounds.
At 11:20, a lot was sold for 1,710 dollars per quintal, breaking the record set in 2006 of 1,704 dollars.
The Salvadoran Coffee Council (CSC) expects a slight drop in the coffee harvest for this year.
Ricardo Espitia, director of the institution, is predicting a harvest of 2 million quintals, which would mean a decrease of 3.7%.
Up to now, they have sold 25% of the harvest (some 465,000 quintals) in the futures market at an average price of 144 dollars.
El Salvador ended the 2007-2008 coffee harvest with exports of 1.9 million quintals worth $253.3 million
These are the best figures that the country has had in the last six seasons, Ricardo Espitia, executive director of the Salvadoran Coffee Council, reported yesterday.
The sales figure for the 2007-2008 coffee harvest, which ended on September 30, is the biggest reported since the 2002-2003 harvest, when exports were 1.7 million quintals (46 kg each) or $105.5 million in earnings.
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