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Brazil postpone the coffee auction of Government

According to CONAB, coffee auction reserve for the first time since 2011 has failed to attract buyers to participate. So will conduct a new auction next week.

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Government of Brazil will put up for auction 40 809 bags of coffee of 1.61 million bags were stored in government for many years. It is expected that the auction took place yesterday, Wednesday, 3/25, and the minimum price given for auction on Monday announced the first week.

However, the auction of the Government of Brazil coffee yesterday failed, because the contractor does not have to accept the price expected from 101 cents / lb to 118 cents / lb, is the minimum price has been set established for each lot in this auction.

Many traders participating in the auction for a minimum price that is set is too high, while coffee shipments have been stored too long, over 10 years, so the quality has declined.

However, it is also a more auctions scheduled for next Wednesday, will provide 40,800 bags of coffee auction reserve has a long and minimum rates for this shipment will be announced on Thursday first two weeks.

According to CONAB, agencies and forecast supply of agricultural products under the Ministry of Agriculture Brazil, decided to auction coffee reserves to stabilize demand for the supply of the domestic market for domestic coffee prices have increased Brazilian Reais at the exchange rate.



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Source giacaphe.com