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According to reports, the Agriculture Minister of Brazil announced on February 28, 2002, that the
government will provide $292 million in credit to coffee growers who choose to store this year's coffee
crop until next year. According to the Minister, the funds should finance the storage of 7-8 million bags
of coffee. The credit is being provided through Funcafe, the government's coffee development fund,
and will be made available in 3 tranches starting in April.
Brazil continues to offer government-owned stocks through its auction system. Auctions began again in July after being suspended following the March 14 auction. The remaining schedule for 2002 is: March 20, April 17, May 15, June 12, July 10, August 14, September 11, October 9, November 13, and December 11. The auctions will each be for 20,000 60-kilogram bags.
|Brazil: Auctions of Government-Owned Coffee Stocks|
|July 11||20,000||19,715||avg. 94.36|
|August 15||20,000||17,267||avg. 90.89|
|September 12||20,000||18,214||avg. 75.00|
|November 14||13,170||20,000||avg. 75.73|
|December 12||20,000||14,331||avg. 76.58|
U.S. coffee stocks at the end of January totaled 5.4 million bags, down 16,985 bags from the
December 31, 2001, level. Details follow in 60-kilogram bags:
|Location||December 31||January 31||Difference|