Brazil Govt Sees Coffee Crop At 59 Mln Bags, Sharply Below Market View

From: nasdaq.com

Brazil’s coffee production in 2020 was projected at 59 million bags on Wednesday by the country’s statistics agency IBGE, a number that is sharply lower than most projections from analysts and traders.

IBGE said it revised its estimate up by 3.1% from the previous month. The estimate means a production increase of 18.2% from the 2019 crop in the world’s largest producer and exporter of coffee.

IBGE’s projections are the only official ones available at the moment, since coffee estimates by Conab, the main Brazilian government agency dealing with agricultural projections and food supply issues, have been put on hold due to the new coronavirus pandemic that prevented researchers from visiting coffee fields.

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