The best Coffee Prices in The Kenyan Market 2024

by Rofina Media
0 comment 196 views
Coffee Price

The Coffee prices increased by 18 percent this week at the Nairobi Coffee Exchange (NCE), a trending market analysts attribute to the registration of more mills and the high demand for clean beans presented for sale.

A market report by the NCE secretariat reveals that during this week’s Sale 21, registered coffee brokerage firms offered for sale 23,930 bags, compared to 20,281 traded in Sale 20 last week. Out of which 17,459 bags, accounting for 73 percent of all coffee traded, were top grades AA and AB.

The report notes that total earnings from the auction reached $7,295,208 ( Sh970 million), which was a significant increase from the $5,786,468.20 (Sh769.6 million) returned during last week’s auction.

The average price increased to $248 (Sh32,128) from $ 232 (Sh30,856) per bag, accounting for 6.9 percent of the total achieved last week. This average price is equivalent to Sh100 per kilo of cherry on the trading floor. A coffee value chain expert, Henry Kinyua, explained that the auction has been If you look at the catalog, it indicates that more coffee is being milled and equally delivered to those offered for sale. “The catalog indicates more mills have been licensed and are now operational, thus easing the crushing of parchment coffee, and equally, quality has remained impressive,” said Kinyua on the phone. The disbursement of coffee proceeds through the Direct Settlement System (DSS), he said has boosted farmers’ morale, and they are thus frequently releasing their coffee into the market.

Coffee Price

The best Coffee Price in The Kenyan Market 2024

Data from the NCE indicated that coffee farmers in the last five months of the 2023/24 crop year have received over Sh12 billion through the DSS that was developed by the Cooperative Bank of Kenya.

The data indicated that between Oct 1, 2023, and the end of February this year, the DSS system settled 17.2 million kg, accounting for 339,803 bags in total coffee volumes valued at $89.5 million.

On August 8, 2023, NCE announced the appointment of the Cooperative Bank of Kenya as the provider of DSS to coffee value chain players after every sale in the country.

In addition, the clearing and settlement of trades through the Co-op Bank’s Direct Settlement System (DSS) have ushered in unprecedented levels of price transparency that have greatly rebuilt the trust that farmers have in the coffee auction and the Nairobi Coffee Exchange.

NCE on August 8, 2023, announced the appointment of the Cooperative Bank of Kenya as the provider of DSS to coffee value chain players after every sale in the country.

The NCE secretariat confirmed that the highest price recorded from the sale reached $455 (Sh60,515) from the Kiamugumo factory of the New Ngariama Farmers Cooperative Society in Kirinyaga County. Other factories whose coffee costs more than $400 (Sh53,200) per bag include the KII Factory, Karimikui, Kerugoya, and Kabingra from Kirinyaga County. Others included Gichatha-ini, Gakundu, Kamwangi, and Kiunyu in Nyeri County. During the auction, a total of 847 bags, or 4 percent of all bags traded, fetched more than $400 (Sh53,200) per bag.

Kirinyaga Slopes Coffee brokerage company successfully traded 8,343 bags at an average price of $292 (Sh38,836), which was also the highest average price by any broker. Baringo Kawa Brokerage Company, the latest entrant, also presented 247 bags for trading and received an average price of $206 (Sh27,398).

Related Posts

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy