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Brazil’s coffee harvest reaches 83%;  low bids in the spot market

August 5 (Reuters)Brazilian farmers had harvested 83% of the 2022/23 coffee crop as of August 2, slightly behind the pace seen last season at this time (84%) and also behind the five-year average of 86%, said the consulting firm Safras & Mercado on Friday.

Safras coffee analyst Gil Barabach said the dry weather seen in Brazilian coffee regions has helped the pace of the harvest lately. He expects field work to continue at a good speed in the next seven to 10 days as there is no forecast of widespread rains in the coffee belt.

Barabach, however, said in the report that supplies of coffee offered on the physical market in Brazil, particularly of the Arabica type, remain below expected levels for this time of year.

The analyst said the situation is “setting an alert” for Brazil’s coffee production potential this year.

Despite this, the consultancy has not changed its estimate of the harvest at this time. It projects the 2022 Brazilian coffee harvest at 61.1 million bags, well above the government estimate of 53.4 million bags.

(Reporting by Marcelo Teixeira; editing by David Evans)

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