Coffee Giant Brazil Is Ready To Hoard Beans In Virus-Fueled Rout
From: msn.com
Top coffee exporter Brazil may not flood the market as much as some people fear.
While the country is harvesting another bumper crop at a time of soft demand, many of those beans won’t be available for sale in the coming months because growers have sold in advance or will store supplies until prices recover.
A third of the estimated 68 million bags that will be picked this season are already sold after growers took advantage of a plunge in the local currency to lock in prices, according to consulting firm Safras & Mercado. That’s up from 28% at the same time last year and the 24% five-year average.
