Cup of Excellence coffee reaches record-breaking price

The 2014 Nicaragua Cup of Excellence auction has reached a record result for farmers, with bidders paying an average $US9.58 per pound of coffee at auction. “Nicaragua Cup of Excellence 2014 has been the best auction ever for me. Prior to this auction, the prices paid for the lots below third place never reached these levels. This year all the prices were fairly even regardless of the winning place. With auction proceeds I will have enough to pay for my son’s university tuition. Thank you, Cup of Excellence, thank you buyers,” said Farmer Salatiel De Jeús Zavala Ferrufino of La Esperanza farm, in a statement. The auction results saw a 28 per cent lift over 2012’s average price, which was the old record high, as bidders around the globe battled it out in a four and a half hour auction. The competition’s 25 coffees featured six varietals, including a rust-resistant hybrid. Producers receive approximately 83 per cent of the revenue generated in the sale of their lot, while the remainder goes back to the country’s coffee organisation, which hosts the contest. Cup of Excellence auction battles continue with more of the best from Central America and Mexico from 9 June  – 9 July. Sample sets from each country are available to preview before the auction, as well as opportunities to attend group cuppings. For more information or to bid in an auction please visit www.AllianceForCoffeeExcellence.org