From Origin

Colombian Proposal to Ditch NY Coffee Price May Send Buyers Elsewhere


A proposal by Colombian coffee growers’ federation that producer countries sell their high-quality harvests untethered from the New York market price could encourage buyers to look for alternative providers, importers and exporters said.

The federation in late February said it would discuss a possible unlinking from the New York benchmark price with other producers of high-quality arabica and buyers in an effort to sell coffee above production costs.

Prices on the New York market have hovered at or below $1 per pound so far in 2019. Last week, the most-active ICE arabica futures contract bottomed at a 13-year low of 94.65 cents per pound.

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