Coffee volume amounting to 19, 017 bags sold in this week’s Nairobi Coffee Exchange (NCE) auction has earned farmers and estates Sh. 1 billion.
The amount was impressive as compared to Sh872.7 million that was raised after the sale of 17, 293 bags in last week’s auction.
During this week’s auction conducted, Gatina Coffee factory which is part of Mugaga Farmers’ Cooperative Society of Nyeri county got the best price after selling each of 44 bags of grade AA at Sh56,944.
According to the NCE report a total of 2, 208 bags of grade AA from various coffee factories were sold above Sh51, 788 per bag.
Eleven coffee brokers participated in the auction with Alliance Berries leading with 7, 910 bags which earned Sh432.7 million.
Kirinyaga Slopes Brokerage company followed with 3,016 bags, KCCE with 2,132 bags, Kipkelion with 1,964 bags, and New KPCU with 1,438 bags.
Other participating brokers include Minnesota Marketers with 664 bags, Murang’a County Coffee mills with 393 bags, Mt Elgon with 897 bags, Bungoma Marketing Agency with 141 bags, Kiambu Coffee Marketing Agency with 100 bags, and United Eastern Coffee Marketing Company with 362 bags.
In the sale, grades AA and AB accounted for 14,328 bags, representing 75 percent of the total volume traded and which fetched Sh. 822.9 million
The auction attracted 13 local and international buyers with Taylor Winch led by purchasing 4,972 bags at Sh. 281.1 million, followed by Ibero Kenya 4,732 bags for Sh. 236million, Kenyacof 2,778 bags that fetched Sh. 162.4 million among others.
NCE Chief Executive Officer Lisper Ndung’u said more coffee is being traded in the weekly auction saying the quantity of premium coffee quality is also on rise.
She encouraged farmers to embrace production of high-quality coffee, which has high demand in the international markets.
Ndung’u said there was a need for the growers to market their produce in the auction saying currently coffee prices have been better.
“There is a need for the leaders of cooperative societies to take advantage of the market owing to the lucrative prices offered. Farmers have been getting good prices for their produce traded in the NCE,” she added.
By Bernard Munyao
