Coffee Exports From India Dropping as Rains Shrink Harvest
Michael Chen
Senior Web Developer
Coffee shipments from India, Asia’s third-largest grower, are poised to fall this year as a rally in global prices deters buyers from Italy to Russia and after unseasonal rains cut output for the first time in six years.
Exports may decline as much as 10 percent from 312,756 metric tons in 2013, said Ramesh Rajah, president of the Coffee Exporters Association of India. The harvest probably dropped below 300,000 tons in the 12 months started Oct. 1 from a record 318,200 tons a year earlier, he said.
Reduced supplies from India, where robusta accounts for 70 percent of output, may help a surge in prices of the beans used by Nestle SA in instant drinks. Futures of the arabica variety, brewed by specialty companies including Starbucks Corp., advanced in New York to a two-year high in March and robusta in London jumped 22 percent this year as drought threatened crops in Brazil, the largest producer and exporter.
“It has been an exceptionally bad year for production in India because of adverse weather last year and the weather has been a bit dry this year, which is worrying for the next season,” Rajah said by phone from the southern Indian city of Bengaluru. “Global prices have moved up and this has reduced demand. Export volumes will go down this year.”
Robusta jumped as much as 2.8 percent to $2,070 a ton on NYSE Liffe today and was at $2,051 by 2:41 p.m. in Mumbai. Arabica rose 0.9 percent to $1.761 a pound on ICE Futures U.S. after reaching a two-year high of $2.0975 in March.
Source: businessweek.com/news/2014-04-03/coffee-exports-from-india-dropping-as-heavy-rains-shrink-harvest
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