In the electronic auction a pound of coffee harvested in the El Puente estate in La Paz, took first place with 91.7 points and a record $120 was paid by an international buyer.
The participant in the auction known as the Cup of Excellence 2016 paid $120.5 per pound of coffee from the farm called El Puente Kasai Coffee, followed by Maruyama Coffee & Toa Coffee, who took second place with a price of $120.10 per pound from the farm El Puente.
The fall in international prices has forced employers of specialty coffee to take steps to improve their competitiveness by resorting to full control of product traceability.
The fall in international prices in the coffee market is the main mitigating factor with which the industry is doing battle in Panama and Central America in general in order to remain profitable. One way of surviving, from the point of view of César Arauz, producer and member of the Specialty Coffee Association of Panama is "... maintaining good traceability in order to convince buyers to purchase the product and pay for it what it is worth. "
In the electronic Cup of Excellence auction 46 lots were sold, with maximum payments reaching $1,410 per hundredweight.
Without beating the prices paid at the auctions of specialty coffee in Costa Rica, Nicaragua and El Salvador, in Panama lot of Esmeralda Geisha Natural Jaramillo coffee, from the Peterson family, won first place in the auction, with a priced of $140 ,10 per pound.
The winner in the category Exotic Natural was the lot Geisha Natural Jaramillo submitted by Hacienda La Esmeralda, which along with the winners in the other categories, will be auctioned online on June 23.
Second place was awarded to a batch of Jose Gallardo Geisha, with a score of 93.1, which was also a winner in the washed exotic coffees category. On the other side, first place in the traditional washed category went to Kalithea Jesus Sierra, with a score of 88.39, and second place went to a batch of Elida Lamastus Family Washed with 87.37 points.
From April 29 to May 2 a competition will be held among producers of the geisha variety and on June 23 the auction "The Best of Panama" will take place.
"The Best of Panama" competition will evaluate two categories: variety and finish, in order to rule out the lots with less potential and highlight the salient ones, which will advance to the next round to be considered in the auction.
The climate in Brazil was the main factor affecting the behavior of the international price of the grain in January, starting the month high and closing at $143.43 per pound.
From the Coffee Market Report - January 2015 by the International Coffee Organization (ICO):
Dry weather in Brazil at the beginning of January spurred prices higher, with the daily price of the ICO composite indicator rising from 140.57 US cents/lb to a high of 155.40 by the middle of the month. However, forecasts of rain later in the month punctured this brief rally,causing the ICO composite to fall back down to 143.43 cents by the end of January.Nevertheless, overall rainfall levels in Brazil remain below average, with the development of the 2015/16 crop now at a crucial stage. Furthermore, an infestation of coffee berry borer has led to a state of phytosanitary emergency being declared in the states of São Paulo and Espírito Santo.
The Ministry of Trade and Industry is inviting coffee producers to participate in an exhibition of specialty coffees, to be held from April 9 to 12 in Seattle.
Nine Panamanian producers have already confirmed their attendance at one of the most important trade fairs in the US coffee industry: the Speciality Coffee Association of America 2015 (SCAA). The Arabian and Geisha coffee varieties will be promoted by the businesses Hiu Coffe, Don Pachi Estate, Carmen Estate Coffee, Casa Ruiz, Café Kotowa, Hacienda Esmeralda, Café Volcán Barú and Beneficios de Café de Boquete.
Panamanian producers of the geisha variety have stated that competition has increased since countries such as Costa Rica, Mexico and Colombia entered this market segment.
In the past eight years Panama come to be seen as the sole producer and exporter worldwide of the geisha variety, with exports reaching between 8000 and 10,000 hundredweight per year and with up to 1000 hundredweight selling locally at a good price. However, the recent entry of other countries in this market threatens the dominance of Panamanian geisha. Nevertheless, "... experts in the field say that so far no one matches the quality of the Panamanian grain."
European and American companies who buy specialty coffee in electronic auctions are losing ground to Asian buyers, who in auctions for top grains from markets such as Costa Rica and Guatemala, are pushing up prices to record levels.
Strong growth in coffee consumption in countries such as South Korea and Japan, coupled with the large purchasing power of its inhabitants has boosted demand for gourmet coffee and other special varieties. Most specialty coffees are sold through online auctions, where traditional buyers in the US and Europe are beginning to lose dominance, unable to match the high prices of Asian buyers.
Producers of the geisha variety managed to attend 50 business appointments and get ten firm orders worth for more than $400,000 at the Specialty Coffee fair of Japan.
Panamanian producers struck deals worth around $400,000 while participating in the fair held in Tokyo a few days ago. Besides the geisha variety, producers also presented Arabic coffee, Traditional categories, Bourbon, Caturra, Catuay, San Ramon, Paché and Pacamara.
Confirmation has been given for August 26th as the second phase of the electronic auction "The Best of Panama" which will offer 46 lots of geisha and traditional coffee in the wash and natural presentations.
The auction starts with a base price of $4 per pound of grain and to participate in the auction international buyers must register with the Speciality Coffee Association of Panama.
Sustainable 70 Acre Coffee Farm, San Ramon, Costa Rica Coffee Estate, development property with 20 titled lots, ready to develop with roads, water, power. Great Location, close to everything Ideal area for living or developing an ecologically...
CECA mills and exports high quality green coffee from every region of Costa Rica, supplying specialty coffee industries of the United States, Canada, Europe and Japan.
Operates in Costa Rica
Phone: (506) 2202 4444 - (506) 2202 4400
CISA Exportadora is a green coffee exporting company based in Nicaragua owned by the Baltodano family who enjoys over 100 years of coffee tradition.
Operates in Nicaragua
Phone: (505) 2270 4414 - (505) 2270 4412