The price of coffee has fallen to its lowest level since 2008, spurring an urgency meeting between Colombian coffee farmers and the government, local media reported on Thursday.
The price per load fell by $5.28 dollars to approximately $231.86 dollars on Wednesday alone.
With the $87.12 dollar subsidy provided by the government as a result of declining coffee prices, coffee farmers will sell one load of coffee for approximately $319 dollars.
According to government figures however, the cost of production is approximately $343 dollars, meaning that farmers are operating at a loss of $24 dollars per load.
In March 2011, the price of coffee per load reached a high of $615 dollars, meaning that the price of coffee has fallen by just over 60% in two and a half years.
The Ministry of Agriculture on Thursday said that representatives of the government will meet with coffee growers on Monday in order to reassess the subsidy agreement.
The coffee farmers had arranged to strike on August 19, claiming that the subsidies promised by the government had not reached them. Following concessions by the government, the farmers subsequently canceled the strike plans and have been in talks with the government over subsidies.
- Nuevo encuentro Gobierno y “Dignidad Cafetera” será el próximo lunes (Ministry of Agriculture)
- Carga de café baja $ 10.000 en un día (Portafolio)