PORTLAND, Oregon, USA – Thrilled farmers watched as average prices for their award winning coffees soared to a record high during the 2014 Nicaragua Cup of Excellence auction. Photos of the farmers watching the auction in Ocotal sent prices even higher through social media shares and retweets.
Specialty coffee buyers warmly welcomed Nicaragua back to the program after a one year hiatus by paying a whopping average $9.58 per pound at auction for the winners and breaking the country’s previous record.
Auction results posted a 28% lift over 2012’s average price – the old record high – as bidders around the globe battled it out in a four and a half hour auction.
These coffees not only broke a record but also sent a statement to the world that a new strata of quality has emerged from Nicaragua. The competition’s 25 coffees featured six varietals including a rust-resistant hybrid, exhibiting the country’s success in quality innovation thoroughly esteemed by the global marketplace.
Farmer Salatiel De Jeús Zavala Ferrufino of La Esperanza farm proclaimed, “Nicaragua Cup of Excellence 2014 has been the best auction ever for me. Prior to this auction, the prices paid for the lots below third place never reached these levels.
This year all the prices were fairly even regardless of the winning place. With auction proceeds I will have enough to pay for my son’s university tuition. Thank you, Cup of Excellence; thank you buyers!” Producers receive approximately 83% of the revenue generated in the sale of their lot while the remainder goes back to the country’s coffee organization, which hosts the contest. The anticipation pendulum continues as winning bidders now await the arrival of their newly bought coffees to share with their customers.
Cup of Excellence auction battles continue with more of the best from Central America and Mexico from June 9 through July 9.
About Alliance for Coffee Excellence & Cup of Excellence
Alliance for Coffee Excellence is a US-based global membership organization formed of members ranging from all sectors of the coffee industry including roasters, retailers, importers, farmers, consultants, equipment manufacturers and individuals all dedicated to advancing excellence in coffee.
Cup of Excellence, a program which gives out the most prestigious award in coffee, has affected several thousands of farmers as its unmatched focus on reward for quality and transparency to the farmer has changed the specialty coffee industry.
Remaining 2014 Auctions:
To bid in an auction please visit AllianceForCoffeeExcellence.org.
Sample sets from each country are available to preview before the auction as well as opportunities to attend group cuppings. For more information on how to get involved, visit: AllianceForCoffeeExcellence.org.
