Coffee Estimates Revised Owing To Drought Damage
News: Brazil expects to harvest 44.6mn bags of coffee in 2014, which is lower than earlier estimates, according to a statement by the government's crop forecasting agency Conab. In January, the coffee crop output was expected to range between 46.5mn and 50.2mn bags. Moreover, the country had produced 49.2mn bags of the bean in 2013. The country has revised its estimate for the current coffee crop in the wake of the damage caused by the worst drought faced by the country in decades. Conab said in the statement: 'The losses in arabica can be attributed to the drought, tree cropping and the reversal of the two-year cycle in some areas,' (Bloomberg). Output of arabica is likely to reduce by 16% to 32.2mn 60-kilogramme bags as a result of the drought.