The vast majority of the 107 buyers participating in the online auction were from Asia.
According to Juan Carlos Munguia, president of the Specialty Coffee Association of Nicaragua (ACEN), the outcome of the auction was very good and exceeded the top level reached last year 2011, which was $18.30 a pound.
"In the view of ACEN amid falling prices and demand for coffee on the international market, the outcome of the auction, the last stage of the Cup of Excellence competition, was "excellent", as 25 winning lot from the competition were sold at an average price of $7.50 per pound. The price per quintal of regular coffee has fallen below $150 in recent weeks", reported Laprensa.com.ni
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This year the annual competition to choose the best specialty coffee lots to participate in an online auction to international buyers will not take place.
The lack of identification of coffee producers with the event, coupled with a serious rust problem, has motivated the Specialty Coffee Association of Nicaragua to suspend the event this year.
Nicaragua's coffee farmers are preparing for the coffee auction scheduled for June 26, with expectations of earning more than $1,800 per quintal.
The online auction known as the ‘Cup of Excellence’ will be held in Nicaragua on June 26 and the base price of $400 has been set by the franchise Alliance for Coffee Excellence, said the president of the Specialty Coffee Association of Nicaragua, ACEN, Juan Carlos Munguia.
The highest price went to the coffee farm La Guadalupana, but was well below the $3,565 paid per quintal in 2010.
27 lots of coffee were included In the electronic auction. The second highest price went to a Nicaraguan coffee, San Fernando of Nueva Segovia, produced by the farm Los Congos and sold for $1,030 per quintal.
The batch by the Fidel coffee farm, processed by the mill Olymar Lucia III, won the Cup of Excellence with a price of $3010 per quintal.
"In the second and third batches were located farms Palmiera milled by Didier Sanchez and Farami de Juan Luis Fallas, with sales of $2,070 and $2,030, per quintal, respectively," noted an article in Elfinancierocr.com.