Brazil's 2022/23 coffee crop seen nearly 3 mln bags smaller - consultancy

Credit: REUTERS/Jose Roberto Gomes

Updates with details of estimates, comments by analyst

Sept 15 (Reuters) - Brazil's 2022/23 coffee crop was projected on Thursday to amount to 58.2 million 60-kg bags, 2.9 million bags less than initially estimated, due to negative weather conditions in main producing areas, consultancy Safras e Mercado said.

Safras in a report said that production of arabica coffee, the mild variety preferred by large coffee chains, was particularly impacted.

It reduced its view for Brazil's arabica production to 35.2 million bags from 38.8 million bags previously.

Safras coffee analyst Gil Barabach said that the Cerrado Mineiro region, a large production area in Brazil's main coffee belt of Minas Gerais, reported falling yields as trees reacted negatively to colder than normal weather this year.

In other areas, he said, the size of the coffee beans were smaller due possibly to lower moisture levels.

Production of robusta coffee, however, the type mostly used to make instant coffee, was not impacted and is seen as record at 23 million bags.

Brazil is the world's largest producer and exporter of coffee. Frosts and the harshest drought in decades last year had already hurt production. The market now expects that production will be better next year, if rains return to normal levels from now to the end of the year.

(Reporting by Marcelo Teixeira; Editing by Mark Porter and Jonathan Oatis)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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