Safras raises forecast for coffee in Brazil for 2022/23 and sees slow sales in the new cycle

SAO PAULO (Reuters) - Coffee production in Brazil in the 2022/23 cycle, with the harvest carried out last year, was higher than expected, said consultancy Safras & Mercado, estimating the harvest in the world's largest producer at 58.9 million bags of 60 kg. The new estimate is 1.6 million tons above the previous forecast, Safras said, indicating that it now projects that the arabica harvest totaled 35.95 million bags last year, and that of canephora (robusta/conilon) reached 22.95 million bags. The perception of more coffee available on the market at the moment, due to the adjustment in the flow, led to the upward revision in the harvest number, said the consultant Gil Barabach. He pondered that the flow of sales follows quite cadenced, even with the recent appreciation of prices. "There was even a little more business, but in a very staggered way and without generating great pressure on the supply side. The perception that there was more coffee available resulted in greater ...