Kenyan coffee top price climbs at auctio
NAIROBI (Reuters) – The top price of Kenya’s benchmark coffee grade rose to $531 per 50 kg bag at this week’s auction from $440 per bag last week, the Nairobi Coffee Exchange(NCE) said.
Kenya’s specialty coffee beans are renowned for their high quality and are sought after by roasters for blending with coffee of lesser quality.
During Tuesday’s auction, grade AA fetched $171-$531 per bag, from $220-$440 at the previous sale, while grade AB sold at $151-$370 versus $165-$300 last week.
A total of 27,346 bags were offered, with 14,905 sold. Last week, 24,126 bags were offered with 14,012 sold.
The average price per bag rose to $232.74 from $210.30 last week.
Industry regulator Coffee Board of Kenya forecasts production will rise to 50,000 tonnes of coffee in 2013/14 (Oct-Sept), up from 39,825 tonnes the previous season, buoyed by improved weather, better crop husbandry and bigger investment by farmers.