Coffee farmers earn Sh650 million from weekly auction
Business
By
Boniface Gikandi
| Aug 14, 2024
Coffee buyers at the weekly auction purchased Sh650.7 million produce at the Nairobi Coffee Exchange (NCE).
The 19 buyers purchased the produce delivered in the market by nine brokers from 784 cooperatives and estates led by Alliance Berries Limited and Meru Union.
During the online market, Maganjo factory affiliated with Rumukia Cooperative in Mukurwe ini, Nyeri achieved the highest price of Sh48,504 for each of 35 bags of AAG grade at the auction.
Other factories that achieved the best prices in the auction are Kanyari, Mweru, Mukiria, and Mugambone for their quality grades produced and marketed by Alliance Berries and NKPCU.
READ MORE
Mr President, you can't concede today and rewrite history tomorrow
Why Opposition should just settle on Sifuna as flag bearer
The missing billions: Unraveling the mystery of Kenya's 2014 Eurobond scandal
Inside Sabina Chege's breastfeeding Bill
MPs pass Bill requiring workplace breastfeeding facilities
'The talent exists': Maingi calls for grassroots sports funding
How Endebess hospital could bring medical care closer to residents
NCE Chief Executive Officer Lisper Ndung'u said nine coffee brokers led by Alliance Berries Limited participated in the market, as they delivered 12,574 bags of AA and AB grades that generated Sh502.8 million.
The buyers, Ms Ndungu said, are interested in the quality grades, thus the need for the growers to produce the best to attract the market.
"Taylor Winch bought 3,988 bags, Louis Dreyfus 3,873 bags, Ibero Kenya 3,458 bags. Other dealers were C-Dorman 1,857 bags, Jowam Coffee 1,129 bags, and Kenyacoff 888 bags," she said.
Cooperative Principal Secretary Patrick Kilemi said the ongoing reforms are designed to streamline the coffee sector to benefit the growers.
Mr Kilemi said the government was working towards supporting the farmers through the Cherry Advance Fund to allow them access cheaper credit facilities charged at three percent.
"As the government, we are particularly proud of the achievements of the NCE working committee and secretariat in implementing the Direct Settlement System (DSS)," he said.
"In the last eight months, the cooperatives through the DSS received over Sh21 billion from the coffee market," said the PS.