Coffee prices continue to rise Brazilian government considers selling stocks to curb
Brazilian officials and industry representatives pointed out that Brazil, the world's largest coffee producer, will consider selling government stocks to curb inflation if prices remain low after the coffee harvest ends in July, Taiwan's United News Network reported.
According to two sources who spoke on condition of anonymity, the harvest of Brazilian coffee will begin in May. Supply is expected to be replenished, and if the price of each bag of coffee remains above 400 Brazilian dollars (1111 yuan), the government will allow 400000 bags of coffee to be sold.
According to the Cepea Research Institute of the University of Sao Paulo, the average price of 60 kilograms of bagged coffee yesterday was 473.80 Brazilian dollars (about 1316 yuan).
New York coffee futures have soared more than 80% in 2014, and a severe drought in Brazil is likely to affect coffee harvests and global supplies.
It is reported that Brazilian coffee roasters have been asking the government to use some of the 1.6 million bags of public inventory to curb prices.
In response to an email from a reporter, the Brazilian Ministry of Agriculture pointed out that the Brazilian government has not yet made a decision on the use of stocks.
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Coffee production in Burundi is expected to drop sharply this year.
According to relevant reports in Burundi, affected by the drought in May, coffee production in Burundi this year will not be as good as in previous years, and coffee production is expected to decline by 50%.
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