Commodities

Brazilian coffee farmers' 2020 crop sales above five-year average, consultancy says

Credit: REUTERS/AMANDA PEROBELLI

Brazilian coffee farmers sold 64% of the 2020 crop by Oct. 13, more than at this time last year and exceeding the five-year average for the period, consultancy Safras & Mercado said on Thursday.

Oct 15 (Reuters) - Brazilian coffee farmers sold 64% of the 2020 crop by Oct. 13, more than at this time last year and exceeding the five-year average for the period, consultancy Safras & Mercado said on Thursday.

Safras said that on average for the last five years farmers would have sold 53% of the crop by mid-October.

Sales of agricultural products in Brazil generally are larger in 2020 than in previous years due to the depreciation of the local currency BRL=, which has lost nearly 40% of its value against the U.S. dollar this year. That has boosted income in reais for producers on sales of dollar-priced commodities.

Gil Barabach, coffee analyst for Safras, however, said coffee sales in Brazil had slowed down in recent days due to falling prices in New York and because traders and exporters already had bought a lot of a record crop. KCc1

The consultancy sees the Brazilian crop at 68.1 million bags, in line with a Reuters poll but more than the official estimate by state agency Conab of 61.6 million bags.

(Reporting by Marcelo Teixeira Editing by Paul Simao)

((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net - https://twitter.com/tx_marcelo))

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