NAIROBI (Reuters) - Kenyan coffee sold through auction earned $221.7 million in the 2010/11 (Oct-Sept) marketing year, up from $171.35 million the previous year, Nairobi Coffee Exchange (NCE) data showed on Friday.
The NCE said the amount of coffee sold during the period stood at 33,680 tonnes, compared with 36,197 tonnes in 2009/10, while the average price rose to $329.12 per 50-kg bag from $236.69.
Coffee is serious business in Kenya. Located in east Africa, Kenya is ranked 6th in Africa and 18th in the world for coffee production. Currently, production is about one million bags a year. The coffee industry of Kenya has a cooperative system for producing, processing, milling, marketing, and auctioning coffee. There are approximately 574,000 farms grouped into 275 cooperatives. The largest growing regions are the High Plateau around Mt. Kenya, Aberdare Zone, Kasii, Nyanza, Bungoma, Nakuru, and Kericho. The main harvest season occurs between October and December. Coffee beans are auctioned once a week in the capital of Nairobi during...
By the first 10 months of the 2010/11 marketing season, the coffee earnings from the auction had surpassed the $199 million the country earned in the whole of the 2009/10 marketing year.
During the season, Kenyan coffee prices hit an all-time high of $1,022 per bag for benchmark grade AA.
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Kenya is a relatively small grower but its speciality beans are famous for their high quality and are much sought after for blending with those from other countries.
Data from regulator Coffee Board of Kenya showed it had sold 40,000 tonnes in the previous year, which included sales outside the auction. The board forecast total 2010/11 production to come in at 51,000 tonnes.
http://news.yahoo.com/kenya-auction-sells-coffee-worth-221-7-mln-082425225.html
