MILAN – The Brazilian crop supply agency Conab, sold 93 percent (roughly 64,833 bags) of Arabica coffee from governmental stocks up for sale in an auction held on Thursday. The coffee on sale was at least seven years olds.
The government resumed auctioning off its strategic coffee stocks in recent weeks after local roasters complained they were having difficulties securing supplies.
Drought over the country’s robusta crop in Espirito Santo earlier this year tightened supplies of coffee that is typically sold on the local market.
Conab holds nearly 1.2 million 60-kg bags of arabica in warehouses around the coffee belt.
Roasters have said they are using more low grade arabicas into their blends, replacing some robusta beans, which have been lingering around record prices for several months.
