Issue 41

Colombian coffee reaches $54/lb in first auction abroad

May, 2019

Product and Innovation

Colombian coffee reaches $54/lb in first auction abroad

Committed to the highest cup quality, even with a sound training in cupping, more and more coffee growers produce exceptional coffee for which international customers are willing to pay a better price.

The national quality competition “Colombia, Land of Diversity,” organized by the Colombian Coffee Growers Federation (FNC), is meeting its purpose of promoting the country’s best coffee and making it visible to national and international buyers willing to pay a better price to improve the producer’s profitability.

On April 13 in Boston, Massachusetts, in the live auction of the 4th competition “Colombia, Land of Diversity” (the first held abroad, within the framework of the of the SCA fair, the most important of its kind), two exceptional lots from the Caldas department were sold at $54 and $35/lb, respectively.

The competition’s 23 best coffee lots were auctioned.

The price of $54/lb was obtained by coffee farmer Wilton Renso Benítez, with a lot from the El Paraíso farm, located in the municipality of Villamaría, Caldas. This price set a new record in the history of coffee auctions in Colombia.

“These results confirm the quality of Colombian coffee and the need to continue searching in all possible scenes for co-responsibility of the coffee value chain so that coffee growers receive fairer prices,” the FNC CEO, Roberto Velez, said. “We have exceptional coffee and coffee farmers that make great efforts and deserve a more dignified price,” he added.

Benítez had ranked second in the exotic attribute in the category of small lots of the competition and his coffee lot was acquired by the chain Juan Valdez®.

The base price of the auction was $3.50/lb, so the price of $54/lb is more than 15 times the initial price and almost 60 times the reference price on the NY exchange that day (90.40 ¢/lb).

For its part, the coffee of Diego Samuel Bermúdez, from the same El Paraíso farm, received the second best price, $35/lb, by the innovative Australian trader Latorre & Dutch.

Bermudez came to the auction as one of the great winners of the competition, having ranked first in the body and exotic attributes.
Diego Samuel and Wilton Renso make up the company Indestec, which develops coffee technology and processes, and is established in Villamaría, Caldas.

You are invited to learn more about our coffee family and our products, visiting the COLOMBIAN COFFEE INSIGHTS sections on the top of this page.