Kenyan coffee has recorded one of the highest prices in three years due to the annual pilgrimage by coffee buyers and roasters and the high-quality beans being produced by farmers.
In an auction last week, a 50-kilogram bag of AA grade coffee went for $679 (Sh68,738.6). According to data from the Nairobi Coffee Exchange (NCE), the highest sale of $751 (76,027.5) was made last year.
“We expect the price to firm up in the coming sales because we are getting [a] good crop from farmers,” Daniel Mbithi, NCE CEO said.
The season which began in October has seen the average coffee price rise by 50 percent from $280 (Sh28,345.8) per bag. According to a report by Kenya National Bureau of Statistics (KNBS), NCE auctioned 1319.79 MT in December 2017. The price at this time was Sh453 per kilogram.
Kenyan coffee is often sought after by companies such as Starbucks Corp and it is also used to enhance coffee from other regions.
“The quality is the best this time of year,” Stephen Vick, procurement and quality manager, African Coffee Roasters stated. African Coffee Roasters is a company that sources and processes beans for Danish retailer Coop Danmark A/S. “If I was a speciality buyer and could go to one country, I would choose Kenya.”
