Colombian proposal to ditch NY coffee price may send buyers elsewhere

BOGOTA/NEW YORK: A proposal by Colombian coffee growers' federation that producer countries sell their high-quality harvests untethered from the New York market price could encourage buyers to look for alternative providers, importers and exporters said.

Colombia, which prices much of its coffee at a differential to futures, is proposing an unlinking that would set its prices between US$1.40 and US$1.50 per pound. The Colombian federation is already beginning discussions with other producers, it said. The higher the target price, the greater the incentive for those outside a price agreement to increase output, a United Nations report on the effort said.

In 2013, some Colombian farmers even floated switching from arabica coffee - which is a smoother-tasting, more expensive bean - to the cheaper-to-grow robusta, which is used more in instant coffee.

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