The Bennetts Monthly May '19
All things Bennetts & Coffee...
We have had a busy April attending the Specialty Coffee Expo (SCA) in Boston along with a quick stop over in Vancouver to see the construction of the new Swiss Water facility and planning is underway for our trip to Ipanema Estate in Brazil with our Centenary Roasting Competition winners.
Just when we thought prices could not go any lower… they did! The price for Arabica coffee dropped below 90 usc/lb in the New York futures exchange for the first time since mid-2005, bottoming out at 86 usc/lb mid-April. Even though it recovered slightly to remain above 90 usc/lb for the remainder of the month, the trend back towards the 80s seemed unbroken by the start of May.
The main driver behind this most recent drop were indications from various reports that Brazil’s upcoming ‘off-cycle’ harvest will exceed 60 million 60kg bags (arabica and robusta combined), and that the next harvest in 2020/21 could potentially surpass 70 million bags (emphasis on potentially, as much needs to happen before that potential yield can be realised).
The resulting impact across all coffee producing regions is that in the short term any small price improvements will attract origin selling aplenty, which will in turn result in a high level of price resistance to the upside.
This means we have a decidedly bearish sentiment in the market at present, which no one sees changing in the medium term unless there are weather issues in Brazil and/or the Brazil real appreciates significantly (the latter a highly unlikely prospect due to the South American country’s current volatile political and economic environment).
If this situation continues for the expected next 18 months (or more), we could very quickly see the effects of poor husbandry practices in plantations where producers can no longer afford to fertilise, prune or treat for diseases. This would not only affect the quality of beans produced in upcoming harvests, but also the general health of the coffee trees, resulting in a higher susceptibility to diseases and pests such as leaf rust (aka ‘roya’) and coffee borer beetle (aka ‘broca’).
A word from the cupping room
For everyone who’s been waiting for Peru FTO Café Feminio to arrive back in stock, we have two lots now available.
One is bright and light, complementing a filter or light espresso roast, while the other is chocolate and nut dominate, suiting a darker espresso blend.
FLO-Fairtrade Organic Peru Café Femenino® (APROCASIVER)
· Sweet cup with red apple and berry acidity. Medium silky smooth body. Milk chocolate and toffee aftertaste.
FLO-Fairtrade Organic Peru Café Femenino® (UNICAFEC)
· Cups with stonefurit and green apple acidity. Smooth body and cocoa and nut notes linger in the finish.
Last month we landed a new product for Bennetts.
Brazil Conilon - Pulped Natural Robusta. Packed in 60Kg Sacks, this premium Robusta is harvested between 225 and 750 masl in the mountainous Santa Teresa Region of Espirito Santo. The tropical climate at this altitude provides heavy summer rainfall ensuring the trees have ample water during the fruiting period. Harvest of Conilon (Coffea Canephora species) generally occurs after the arabica harvest – and finishing up around August. The harvesting process is done completely by hand, as the fruit of the Canephora do not detach themselves as easily form the tree as Arabica does, therefore requiring a greater effort during harvest. The cherry is then pulped and dried on a combination of patios and mechanical dryers.
Being Pulp Natural, this Conilon presents a much smoother, sweeter profile in the cup than its Natural processed Robusta counterparts.
We currently have two lots available for purchase:
- Sweet silky body with a delicate acidity. Butter and caramel finish.
- Nutty popcorn notes through a smooth body. Mellow citric acid. Caramel lingering finish.
Have a great May,
The Bennetts Team.