The commodity price for coffee is about $1.08 (one dollar and eight cents) per pound. This coffee fetched nearly 1000x the commodity price.
From the article: The 23rd Best of Panama specialty coffee auction resulted in astounding prices, including a BoP auction-record-breaking natural-process Gesha variety from the Lamastus family’s Elida Estate that fetched $1,029 per pound.
The 49 lots sold at the auction generated nearly $560,000 for farmers, with per-pound averages reaching just above $100. Among the forty-three 100-pound lots sold, none fetched less than $28 per pound, reflecting the high prices buyers were willing to meet across the board.
Such prices are in stark contrast to the global commodity coffee market, where, as of this writing, the ICE coffee futures price, a.k.a. “C price” for September contracts sat at a dismally low $1.076 per pound.
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