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CNC3
  • 8/8/2023
Green Thumb - 18
Transcript
00:00 Green Thumb Tuesdays is brought to you courtesy the Agricultural Development Bank.
00:04 Growing stronger together.
00:05 [Music]
00:10 Coffee farmers in Colombia, the world's number two Arabica producer,
00:14 have failed to deliver up to one million bags of beans this year,
00:19 or nearly 10% of the country's crop,
00:21 leaving exporters, traders and roasters facing steep losses.
00:26 World coffee prices have soared 55% this year,
00:30 mainly due to adverse weather in top producer Brazil.
00:34 Prompting Colombian farmers to default on sales,
00:37 clinched when prices were much lower,
00:40 in order to resell the coffee at higher rates.
00:43 According to a dealer at a global agricultural commodities trade house,
00:47 traders were getting defaulted on, resulting in possible mayhem.
00:52 Delivery defaults in a major producer like Colombia can exacerbate price spikes on world markets,
00:58 although these would be temporary because the coffee ultimately exists
01:02 and will weigh on markets once it is resold.
01:06 About 550,000 Colombian families make their living growing coffee,
01:12 and the Andean country is the largest producer of the washed Arabica grade.
01:18 Jesse Ramnew, CNC3 News.
01:21 Green Thumb Tuesdays was brought to you courtesy of the Agricultural Development Bank.
01:30 Growing stronger together.

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