The top price of Kenya's benchmark grade AA coffee dropped to $428 per 50-kg bag at this week's sales from $434 per bag one weeks ago, the Nairobi Coffee Exchange (NCE) said on Wednesday. An official at NCE said the drop in prices was as a result of poor quality compared to previous sales due to low production in the current season.
AA's bottom price increased to $303 per bag from $300 per bag, while its average price eased to $392.24 from $397.06 in the previous sale. AA peaked at a record $1,022 per bag in early February as low volumes pushed prices up.
The NCE said its weekly sales would be suspended for two months from April 19 - nearly three months earlier than usual - due to low volumes and crop quality. Kenya is a relatively small grower but its specialty beans are famous for their high quality and are much sought after for blending with those from other countries. Grade AB fetched $424-$200 per bag from $415-$295 in the previous auction.
A total of 12,359 bags were offered for sale, with 10,490 sold at an average of $300.16 per bag, fetching $3.87 million. In the previous auction, 15,847 bags were offered for sale, with 9,245 sold for an average of $244.10 a bag, yielding a total $2.76 million.
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