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Coffee market value rises amid state-led reforms

Brenda Murungi by Brenda Murungi
January 12, 2024
in News
Reading Time: 2 mins read

The market value of coffee has increased significantly, indicating a comeback in the industry as traded coffee volumes from buyers and sellers have increased. Data from the NCE reveals substantial growth in volumes offered for sale, rising from 3,773 bags on August 15 (the 30th auction of the 2022/23 season) to 20,199 bags on December 13.

NCE currently boasts an average of 18 buyers and 10 sellers at each auction, a significant improvement from the 17 buyers and 4 sellers recorded on August 15.

During this period, the CE has witnessed an improvement in the sale of coffee beans, increasing from 40 pieces to 84 pieces of bags offered for sale. The average price of premium coffee beans (AA grade) decreased to KES 38,377.58 ($240.10) from KES 39,952 ($249.95) per 50-kilogram bag.

This revival in activity stands in stark contrast to the downturn observed in August and September, when volumes and prices plummeted due to traders and buyers staying away amid confusion over trade permits.

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Auction volumes in August fell by 95.62 percent to 192 tons from 4,380 tons a year prior. The struggle of contracted millers to secure licenses from county governments significantly impacted the flow of coffee volumes to the exchange during that period.

Despite initial resistance, the introduction of the direct settlement system in the Capital Markets (Coffee) Exchange Regulations of 2020 contributed to this positive turn of events. Additional changes are in progress for the sector, with plans to shift the regulatory and commercial responsibilities currently managed by the Agriculture and Food Authority and the Coffee Board of Kenya.

Lisper Ndung’u, NCE acting CEO, said the shift is attributed to the restored confidence among market participants and the overall improvement in global coffee prices.

“The market has gained confidence in the new way of doing things, and we are seeing stability in participation. About 40 buyers have joined the exchange, with half of them making successful bids. Global prices are rising, reflecting an increase in offer prices on the NCE floor,” said Ndung’u.

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