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ICO June Report: the upward trend in coffee prices continues
The upward trend in coffee prices continued in June 2021 as concerns about supply from major origins remained the key factor in the market
ArtOn Café is proud to publish a monthly abstract of the ICO reports. On our website we have added the graphs of the London and New York stock exchanges. The former concerns Robusta coffee, while the latter refers to Arabica coffee. We have also added an interesting banner that presents the EUR to USD exchange rate. Please visit our website to access all these details.
Source: ICO
The following is an excerpt from the ICO market report of June 2021:
In June 2021, coffee prices recorded the eighth consecutive month of increase, triggered by the expectations of reduced supply from some origins in addition to disruptions in trade flows. The monthly average of the ICO composite indicator reached 141.03 US cents/lb in June 2021, representing an increase of 33.2% from the level of 105.85 US cents/lb recorded in October 2020. This is also the highest monthly average since the level of 145.82 US Cents/lb registered in November 2016. Prices of all four groups of coffee have recorded a substantial increase. Increased activities of non-commercial speculative sector were also recorded in June 2021, as growing net long positions supported price trends upward.
In terms of market fundamentals, exports by all exporting countries to all destinations totalled 9.8 million 60-kg bags in May 2021, a drop of 10.1% compared with 10.9 million bags in May 2020. The level of total exports in May 2021 represented a 21.5% reduction of the volume recorded in May 2019, before the pandemic. The availability of containers for shipments continue to be a major constraint to trade flows. However, total exports over the first eight months of coffee year 2020/21 amounted to 87.3 million bags, compared with 85.4 million bags during the same period in coffee year 2019/20. Cumulative exports from June 2020 to May 2021 are estimated at 129.2 million bags, a relatively stable level compared with the 129.4 million bags recorded from June 2019 to May 2020. World consumption for coffee year 2020/21 is projected at 167.23 million bags, an increase of 1.9% on its level of 164.01 million bags in coffee year 2019/20. Total production for coffee year 2020/21 is estimated at 169.50 million bags, representing a 0.3% increase on 168.94 million bags in coffee year 2019/20. Although world consumption is increasing, it remains 1.4% below world production. Moreover, in coffee year 2021/22 the supply/demand ratio is expected to reverse as world production will barely meet world demand.
Source: ICO Coffee Market Report – June 2021
Market report concerning Peru and Ethiopia and the GBP to USD and EUR to USD exchange rate
Except for the pictures, the following is an excerpt from the Fortnightly Market Report 13/07/21:
Origin
The vaccination rollout in Peru is going slow, but it is progressing. It’s expected that at the end of July a large number of vaccines will arrive, but it’s still unclear how they will be distributed. The main areas of concern are the larger cities of Lima, Piura, Cuzco and Arequipa. Arequipa, in particular, is going through a challenging period. In Jaen, the coffee capital of the north, the situation has improved. However, hospitals are at full capacity even there, and it’s difficult to find beds for new patients. Nevertheless, the harvest is well underway, and next month we will see FOB shipments start to ramp up, peaking in October/November.
Lima, Peru, March 16,2018: Expoferia of Holy Week of Junín 2018, a fair where typical products of the area are exhibited, such as coffee, honey, maca, as well as drinks and typical foods
There has been much coverage about Ethiopia and the Tigray region. A few weeks ago, the Tigrayan fighters defeated two of Africa’s largest armies, Ethiopia’s and Eritrea’s, to reclaim Mekelle, their capital. The longer the war goes on, the more work will be needed to unite the various federations that comprise Africa’s second-most populous country. On the weekend, the incumbent President, Abiy Ahmed, the first Oromo to lead the country, won another general election. This means he will stay in power for another term. How he manages Tigray will likely define his next term.
Hawzen woreda of the Tigray Region, Ethiopia – February 1st 2017: A priest with an ancient goat-skinned Bible inside the 5th century rock-hewn Abuna Yemata Church
GBP/USD
The US Dollar strengthened against its key currency pairs, with the USD index surpassing 92, a level we have not seen since April. If the global recovery picks up the pace we may see the USD weaken as money is directed away from this safe haven. However, with so much uncertainty still ongoing, this USD strength could be here for longer than the short term. The decision by the Bank of England to keep rates on hold and maintain the current asset purchase target on the 24th of June encouraged a further loss in value of Pound Sterling against the USD. GBP/USD started the fortnight trading at 1.388 and slumped to a low of 1.367 on Thursday 1st of July. It finished the fortnight back up at 1.388. Although it did lose a great deal of value against the Greenback over the past six weeks, it fared comparatively better than most other G10 currencies over the same reporting period.
British one Pound coin. The word “One Pound” in a main focus
EUR/USD
Unlike the Pound, the Euro was of the G10 currencies that underperformed against the USD. It opened Monday 28th June at 1.192, representing the highest value it would post over the fortnight. The Eurozone economic recovery may have provided support to the Euro, but European Central Bank President, Christine Lagarde, said it was at risk of losing momentum due to the mutating virus, even as the vaccination programmes gather momentum. “Of course, the nascent recovery still faces uncertainty also due to the spread of virus mutations,” she said. EUR/USD fell to a low of 1.178 on the 7th of July and managed to claw back some value by Friday’s finish, closing out at 1.187.
Euro Symbol in a digital raster micro structure – 3D illustration
The ECB is beginning to debate whether to cut back on its massive bond-buying programme as the economy emerges from its coronavirus-induced slump, as divisions emerge between policymakers in different countries. This uncertainty, coupled with the Fed’s movements that are increasingly hard to predict, is leaving everyone guessing as to where the currency markets are going.
FX Data
References
DRWakefield. (2021). Fortnightly Market Report 13/07/21. Retrieved July 16, 2021, from Market Reports website: https://drwakefield.com/market-reports/fortnightly-market-report-13-07-21/?utm_source=Newsletter+Mailing+List+May+2018&utm_campaign=6e3b4e90ba-EMAIL_CAMPAIGN_2020_02_12_11_58_COPY_01&utm_medium=email&utm_term=0_d2aa19fb26-6e3b4e90ba-434305845
ICO. (2021). Coffee Market Report June 2021. Retrieved from https://www.ico.org/documents/cy2020-21/cmr-0621-e.pdf
Pictures: when not otherwise specified, the pictures were purchased by the ArtOn Café director
El Salvador
The coffee from this central American country is one of the best gourmet coffee types in the world, and can be found in the most exclusive markets. With its fineness and amazing flavours it has been captivating coffee lovers everywhere
History of coffee in El Salvador
Coffee arrived in this country between 1800 and 1815. The first “boom” of the coffee-talera agro-industry in the country occurred 70 years after the beginning of coffee cultivation, when it replaced indigo as the main export product. In 1940, coffee already represented 90% of the total value of the country’s exports. Between 1950 and 1970, Salvadoran coffee-growing was the protagonist of a technological modernization: new varieties were introduced, such as bourbon, and the Institute for Coffee Research was created.
Export data. Period of time 1989/90 – 2020/21
Overview of export data until 30 April, 2021
These factors, together with two decades of political stability, made the country one of the most productive in the world, enjoying a respected image for its quality. El Salvador, Guatemala and Honduras – these three countries were then known as the “Three Coffee Riders of Central America”. However, for more than a decade (1981-1992) El Salvador lived through a bloody civil war that slowed down much of the country’s development. During this period, its coffee industry stagnated significantly. Once this period was over, though, its people were looking to renew the coffee industry by improving the quality of the coffee beans and the land. Nowadays, estimates put the area occupied by coffee at 152,339 hectares.
Percentage of producers by region
Coffee characteristics
El Salvador is a country with 100% arabica coffee, and the characteristics of each coffee vary, depending on each area. About 68% of the territory dedicated to coffee production is planted with Bourbon coffee trees, 29% with Pacas and the remaining 3% with varieties such as Caturra, Catuai, Catistic and Pacamara, a hybrid obtained in El Salvador, the result of crossing the variety Pacas with Maragogipe Rojo. It is a tall plant, with intermediate-length internodes, curly leaves, dark green and larger than the Paca variety. The fruit is of a good size and is grown at altitudes between 900 and 1,500 metres. Its average productivity is between 18 and 85 quintals.
The coffees of El Salvador share quite similar tasting notes, the highlights of their most particular characteristics being their good taste, pleasant sweetness, balanced body and excellent aftertaste.
The Salvadoran Coffee Council, in a full-scale effort to place the country’s grain in the best gourmet markets in the world, has established a demanding classification system for its coffee, which must comply with such particularities as to be hand-cleaned, processed with fresh water, picked red, with 0% defective beans. Only if it meets these and other standards can it receive the gourmet denomination and be sold packed in special bags with this name.
Salvadoran coffee has a good reputation worldwide for its sweetness, its body, its acidity and a series of attributes that enchant not only the palate, but also the sense of smell of those who taste it. The local grain has been mostly unknown, having been mixed with coffee from other countries so that nobody would ever know they were drinking the coffee from El Salvador.
Denomination of quality
The Salvadoran coffee obtained the Denomination of Origin in 2010, and this certification means that the foreign buyer can be assured that the coffee he buys is produced in a certain place and that it meets certain characteristics that the market recognizes. Having the seal gives added value to the beans and enables them to access the international markets. In this way, the coffee is sold at the right price for a high-quality type of coffee (Forum del Café, 2012).
Coffee export per country of destination
Countries that import coffee from El Salvador
Consejo Salvadoreño del Café
This institution was created on October 19, 1989, and it is an autonomous state institution.
The objectives of the institution are to:
Its mission is to formulate the policy regarding coffee and other activities related to the coffee agroindustry, promote sustainable and competitive coffee growing and pursue the socio-economic and environmental development of the country.
Its vision, on the other hand, is to be a leading institution in providing necessary instruments for the development of the coffee sector, and elevating the coffee of El Salvador to the highest position, nationally and internationally (Consejo Salvadoreño del Café, n.d.).
La Sociedad Cooperativa de Cafetaleros de Ciudad Barrios
In El Salvador, coffee was introduced in the mid-eighteenth century by Captain General Gerardo Barrios, who at the time was the President of the Republic. He brought the plant from the distant lands of the East to later plant it in El Salvador.
Gerardo Barrios introduced the coffee to the municipality of Ciudad Barrios (which was then called Capayguantique) and it was precisely in the Gavidia farm, the property of Barrios, where it all started.
From this farm the plant was then spread throughout the municipality, which became the main producer of coffee beans which were then sold throughout the country. This way other municipalities, such as Santiago de María and Berlin, themselves became the centres of coffee production.
La Sociedad Cooperativa de Cafetaleros de Ciudad Barrios emerged in 1972 and it soon became one of the strongest companies in the country, comparable only to the cooperative La Majada of the western zone.
The association has been exporting hundreds of quintals a year to Europe, with the support of the international quality seal of Rainforest Alliance, awarded only to farms that meet high production standards (Sociedad Cooperativa de Ciudad Barrios de R.L.. n.d.).
Belco opens their agency in El Salvador
Their reason for opening this agency, as they said, is to “have a foot in the country of origin for 365 days a year, to be close to the producers and go as far as possible in the traceability of the green coffee purchases”. By being close to the producers and the lands of coffee, it will shorten the whole coffee chain and help them concentrate on what matters most to them, which is sourcing. This way, their customers will be more satisfied and surer of the coffee beans’ quality, because there will be somebody in direct contact with the producers, while for their part the producers will feel more supported and satisfied with the Belco staff always nearby.
Source: YouTube
They chose El Salvador because it allows them to centralize their sourcing from all the neighboring countries and be within a short distance of every Central American producer. And not only that! They also claim they have a very strong bond with this country and many people on their staff are from it.
Among many other things, El Salvador is a centre for the analysis of green samples where they test, cup and examine all offers and shipment samples. There is also a fully equipped laboratory at the disposal of producers, which helps to guarantee that the coffee that is being shipped is only of the highest quality (Belco, 2021).
Bibliography
Forum del Café, 2012. El Salvador. Retrieved June 29, 2021 from https://www.forumdelcafe.com/
Sociedad Cooperativa de Ciudad Barrios de R.L.. n.d. Retrieved June 29, 2021 from https://cafeciba.com.sv/
Consejo Salvadoreño del Café, n.d. Retrieved June 29, 2021 from http://www.csc.gob.sv/
Belco, 2021. El Salvador, the place to be! Retrieved June 29, 2021 from https://www.belco.fr/green-coffee-article.php?article=500
Pictures used:
Picture credits: when not specified, the pictures are from Shutterstock
Exciting Coffee Festivals ahead of us
ArtOn Café is happy to be writing about the future Fair Trades and Festivals that will be held this year and next. It seems that we can finally see the light at the end of the tunnel of the pandemic that hit the world in the last two years
London, United Kingdom
The Coffee Shop Innovation Expo will be held on 9th & 10th November 2021. This event is a great opportunity to help those who want to build their brand and develop their business. The show attracts trade industry professionals, from independent coffee shop owners to buyers from the multiples and high street chains who are looking for new and innovative ways to extend their offering. It will be back on in London’s ExCeL on the 9th & 10th November 2021. The admission is free to all relevant trade visitors who register in advance.
The Coffee Shop Innovation Expo is a great place to discover innovative ways to stand out from competitors, boost sales, and find ideas to attract new customers. For those who are thinking of opening a coffee shop, of finding the perfect supplier or discovering the latest tricks, this event is a must. It will be filled with educational and innovative features, including the Barista Zone, covering everything from signature blends, roasting methods, and brewing techniques. In addition, there will be a Keynote Stage with a fantastic line-up of speakers including the likes of Costa Coffee, Caffè Nero, and Boston Tea Party representatives, as well as Networking Areas (British Coffee Association, 2021).
This year’s Caffè Culture programme offers highly engaging and informative talks. Here is the list of couple of them:
The full programme of speakers and topics will be released in the coming months.
At the event 15,000 leaders will have access to 1,000 exhibitors and a vast number of innovative products, ideas and strategies, including 500 inspirational seminars, panel debates, innovation awards, networking opportunities and much more. Some of this year’s exhibitors are: DRWakerfield, Alpro, Ferrero Food Services, Lavazza, SCA etc. In addition to these well-known participants, the BSA will also take part in this unmissable event.
Another festival in London is The London Coffee Festival which celebrates London’s bustling and vibrant coffee scene. This year they are celebrating their 10th anniversary and it is definitely something you wouldn’t want to miss. It will feature over 250 artisan coffee and gourmet food stalls, tastings and demonstrations from world-class baristas, interactive workshops, street food, coffee-based cocktails, live music, DJs, art exhibitions and so much more.
SESSION INFORMATION
INDUSTRY DAYS
There will be two industry days held, new dates to be announced.
Thursday and Friday 23 – 24 September 2021
The event will open to the public from Friday with the first session running from 4pm-8pm.
PUBLIC SESSIONS
Saturday and Sunday 25 – 26 September 2021.
SPONSORS
Other than the amazing programme this festival has, it can be proud to say that many of their sponsors are the greatest in the world of coffee. Here are just some of them:
Paris, France
Allegra Events production is behind The Global Coffee Festival that is planned for 29th – 31st October, at Le Paris Café Festival, and it was designed in response to the Covid-19 pandemic with the aim of strengthening bonds among the global coffee & hospitality community. This virtual platform is especially needed for the coffee and hospitality community in this specific period. It will give it the opportunity to connect, share ideas and showcase excellence.
The passion, creativity and drive of the coffee industry must be celebrated, even though this time round the attendees will not be able to meet face-to-face.
On the official website you will find a lot of material and videos from the previous edition of the Global Coffee Festival, so you can get an idea of what to expect from this year’s event!
Organized by a team of Grassroots Coffee aficionados and seasoned event producers alike, Le Paris Café Festival (formerly CAFÉ! Festival & Expo) was born out of a dream to spread the word about specialty coffee in all its forms, to as many people as possible.
Until 2019, Paris was one of those major metropolises that had no big event devoted exclusively to coffee. It is quite unusual that a city like this could have been without such an event for so many years. But then it happened. The twofold mission of the creators of this festival was to make the diversity of coffee culture known to as many people as possible and elevate quality standards throughout the industry. From the beginning of the adventure, they say they wanted to showcase some of the rarest and finest single-origin coffees from around the world, whilst respecting the long-lasting tradition of espresso culture in France. In June 2019 there were more than 2,500 visitors and almost 80 exhibitors at its first edition, and this time round the team will try their best to put Paris on the map as one of the greatest coffee cities in the world (Paris Caffe Festival, 2021).
Amsterdam, Netherlands
The Amsterdam Coffee Festival, Westergas, was a creation inspired by the success of the Coffee Festival in London and the infectious energy of the Dutch. Ever since then, thousands of coffee aficionados attend this festival and are always more eager to learn about the latest trends, share their knowledge, and party with like-minded people. Mark the calendar from 5th to 7th November 2021 for this year’s event.
With over 12,500 visitors expected to attend, The Amsterdam Coffee Festival 2021 promises to be a not-to-be-missed event for coffee connoisseurs, ‘Urban Foodies’, those working in the coffee scene and other interested parties. The Festival will feature artisan coffee and gourmet food stalls, tastings and demonstrations from world-class baristas, interactive workshops, street food, coffee-based cocktails, live music, art exhibitions and much more. It will host such competitions as the SCA NL Latte Art Final, Dutch Brewers Cup and Cuptasters Championship. You are invited to come and be inspired by top baristas from Europe’s best espresso bars, experience the latest products and trends, and enjoy this lively atmosphere, full of art, music and above all — coffee (Amsterdam Coffee Festival, 2021).
New York, USA
On their website they claim it the New York Coffee Festival is New York’s flagship coffee event, where people can celebrate the specialty coffee scene in this great city and its community and culture. It will be held at Metropolitan Pavilion in New York, on October 8th – 10th, 2021. With exceptional coffee, as well as food, cocktails, live music and art on offer, it is an unmissable event for all types of ‘coffee lovers’, whether beginners, coffee aficionados, self-confessed coffee geeks or key industry stakeholders.
The attendees will have a chance to taste hundreds of exciting coffees of the vibrant New York coffee scene, improve their coffee knowledge by participating in many different workshops, be a part of interactive demos and meet the top US artisans and baristas one-to-one. To make it even more attractive, there will be a lot of delicious street food, coffee cocktails, live music and coffee-inspired art. Features such as Latte Art Live, The Sensory Experience, The Lab, The Village, the Brew Bar, the Cold Brew Coffee Bar and The Kitchen are a unique way to enjoy and get to know the world of coffee even better (New York Coffee Festival, 2021).
Toronto, Canada
The Toronto Coffee Festival is Canada’s flagship coffee event celebrating the city’s diverse and vibrant coffee scene, taking place from October 22 to 24, 2021 at Evergreen Brick Works.
The Festival will feature over 100 artisan coffee and gourmet food vendors, tastings and demonstrations from Canada’s top baristas, interactive workshops, street food, coffee cocktails, live music, DJs, art exhibitions and so much more.
Latte art/coffee art made by barista
With an array of experiential features such as Latte Art Live, The Sensory Experience, The Lab, the Brew Bar, the Coffee Cocktail Bar and The Kitchen, there’s something for everyone at The Toronto Coffee Festival.
Milan, Italy
The Milan Coffee Festival, held in this magnificent Italian city, will feature live experiences from coffee, food and equipment suppliers. Visitors will be able to enjoy endless free coffee tastings, interactive workshops, demonstrations from world-class baristas, delicious street food, coffee cocktails and so much more. It is based on the highly successful programs in London, Amsterdam and New York, so this caffeinated event is yet another in the line of all unmissable shows for all serious coffee lovers and those working in the coffee industry. The Milan Coffee Festival will take place from 12th to 14th November 2022 at Superstudio Più, which is a highly popular and iconic venue that suits this event perfectly (Milan Coffee Festival, 2021).
Bibliography
British Coffee Association (2021). The Coffee Shop Innovation Expo 9 & 10 November 2021. Retrieved June 15, 2021 from https://www.britishcoffeeassociation.org/blog/the-coffee-shop-innovation-expo-9-10-november-2021
Global Coffee Festival (2021). The Global Coffee Festival. Retrieved June 15, 2021 from https://www.globalcoffeefestival.com/
Paris Caffe Festival (2021). Le Paris Café Festival. Retrieved June 15, 2021 from https://www.pariscafefestival.com/
Amsterdam Coffee Festival (2021). The Amsterdam Coffee Festival. Retrieved June 15, 2021 from https://www.amsterdamcoffeefestival.com/
New York Coffee Festival (2021). The New York Coffee Festival. Retrieved June 15, 2021 from https://www.newyorkcoffeefestival.com/
Milan Coffee Festival (2021). The Milan Coffee Festival. Retrieved June 15, 2021 from https://www.milancoffeefestival.com/