The highest price went to the coffee farm La Guadalupana, but was well below the $3,565 paid per quintal in 2010.
27 lots of coffee were included In the electronic auction. The second highest price went to a Nicaraguan coffee, San Fernando of Nueva Segovia, produced by the farm Los Congos and sold for $1,030 per quintal.
"Julio Peralta, president of the Specialty Coffee Association of Nicaragua (ACEN), speculated in a preliminary assessment of the results of the electronic auction, that what probably influenced the outcome was the fact that several Japanese companies registered to participate in the bid decided to join together and submit joint bids, as a result of the economic situation faced by Japan after the earthquake in March", noted an article in Laprensa.com.ni
The electronic auction is set to begin tomorrow for the 26 best lots of coffee at the Cup of Excellence 2009 event.
The vice-president of the Nicaraguan Association of Special Coffees (ACEN, acronym in Spanish), Julio Peralta, said that the base price for this year is $2.50 per pound, or $250 for 100 pounds.
Mario José Moncada writes in Laprensa.com.ni: “We are interested in having good average prices, above $4 a pound on average ($400 for 100 lbs.), said Peralta. He hopes that the top ten coffees, from the 26 that will be auctioned tomorrow, will reach average prices above $6 a pound or more, which is more than $600 for 100 pounds.”