DEC. 5, 2013 (GCR Magazine)–The #1 lot at Brazil’s Cup of Excellence (COE) Early Harvest live auction held online on 27 November sold at US$23.10 per pound, or approximately double the price of the top coffee from the same competition in 2012.
In total, the event raised over $516,000 for Brazil’s COE winning farmers, an increase of more than 30 per cent from the prior year. Gains were seen across the board with the average price of a winning coffee selling for US$6.53 per pound, or 17 per cent more than in 2012.
“Last week’s strong auction results amidst an historically weak commodity coffee market underscores Brazilian farmers’ achievements in the advancement of coffee quality,” said Vanusia Nogueira, Executive Director of the Brazil Specialty Coffee Association, in a statement.
“We were further delighted to see so many countries represented by buyers, which signals that Brazilian specialty coffees are becoming better known and more popular worldwide despite increased global competition from other origins.”
Participation was seen from buyers in Asia, Australasia, Brazil, Europe and the United States, which recorded a substantial increase in activity.
The Early Harvest competition and auction is one of two COE events held in Brazil each year. The Late Harvest competition, featuring the country’s exceptional sundried natural coffees, is presently underway and will conclude with an online auction scheduled for 4 March 2014. Both events are made possible with the support of ApexBrasil, the Brazilian trade and investment promotion agency.
For more information about the Cup of Excellence auction results and winning coffees or to participate in an upcoming auction, visit www.AllianceForCoffeeExcellence.org