Aug 5 (Reuters)Brazilian farmers had harvested 83% of the 2022/23 coffee crop by Aug. 2, slightly behind the pace seen last season at this time (84%) and also behind the five-year average of 86%, consultancy Safras & Mercado said on Friday.

Safras’ coffee analyst Gil Barabach said the dry weather seen over Brazilian coffee areas had helped the harvest pace lately. He expects field work to continue at good speed in the next seven to 10 days since there is no forecast for widespread rains in the coffee belt.

Barabach said in the report, however, that coffee supplies being offered in the physical market in Brazil, particularly of the arabica type, remain below levels expected for this time of the year.

The analyst said the situation “turns an alert light on” regarding Brazil’s coffee production potential this year.

Despite that, the consultancy did not change its estimate for the crop for now. It projects the 2022 Brazilian coffee crop at 61.1 million bags, well above the government’s estimate of 53.4 million bags.

(Reporting by Marcelo Teixeira; editing by David Evans)

((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net – https://twitter.com/tx_marcelo))



Source: Nasdaq

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