We are officially in Autumn, but with the fluctuating hot and cold days in Melbourne, we cannot decide whether to have an iced coffee or a latte!
 
This month we have lots in store, from the latest news in the coffee market, microlot updates, and a glimpse into Bennetts International travel.
 
Last month we embarked on some interstate travel, visiting customers far and wide across Australia. We managed to drop by as many customers as we could in Western Australia, Queensland, Adelaide, Tasmania, Sydney, and of course those spread across Melbourne and Victoria. Whilst on the road our Account Managers were involved in cupping sessions, customer catch-ups, and even got a first look at some new and improved spaces! Our Account Managers all returned home with the same news and feedback – highlighting the importance of visiting customers face to face, and the shared benefits of being able to talk all things coffee. These visits also help to further the relationships and knowledge of both customer and supplier!

We also wanted to say a big thank you to all who attended our IWCA International Women's day 'afternoon tea' earlier in April. The informal networking and tea education session was a big hit and we plan to host some similar events in the future. 
 
Last, but not least, we have some exciting updates on the Bennetts merchandise front! Over the past few months we have been working with a local designer, crafting our first edition of a Bennetts T-Shirt. You may have seen our staff wearing them around the office, or out on the road, and thought, WOW, those are cool! Well, you’re right, they are! And we are pleased to share that you can get your hands on one too! Next time you are chatting to your Bennetts Account Manager, be sure to ask about our newest T-shirts, but be sure to get in quick, with limited availability, you don’t want to miss out!
 
So, on that note, grab a cup of your favourite brew, chuck on your Bennetts T-shirt, and join us as we explore the world of coffee.

MICROLOT SPOTLIGHT - ETHIOPIA

A country known for their specialty coffee, and experimental processes, these two Ethiopian lots hit the mark on both. Showcasing the diverse flavours that Ethiopia has to offer, it's coffees like these that you don't want to miss!

Ethiopia Yirgacheffe Idido Gr1 Natural (15 Day Fermentation)
An extraordinary coffee experience deeply rooted in the heart of the Yirgacheffe region. Crafted through a intensive 15-day fermentation process, allowing the mucilage to have a long contact time with the seed - this coffee boasts a tantalising acidity reminiscent of nippy tart rhubarb and raspberry. A delicate tea-like body carries through to nuanced notes of hazelnut, lime, and rosehip in the finish.

Ethiopia Worka Sakaro Gr1 Carbonic Maceration
This complex coffee holds notes of rich dark chocolate and soft mint at the forefront. A balanced red wine-like acidity, pairs nicely with a lingering finish of strawberry, raspberry, and blackcurrants. This lot was processed under anaerobic conditions in a sealed tank. As the cherry ‘ferments’ and releases carbon dioxide, it creates a carbonic environment, reducing the oxygen present, allowing the cherry to stay in the tank for up to 10 days developing the winey, fruity flavours.

Limited in quantity, but boundless in flavour, these microlots stand as a true representation of the artistry involved in coffee cultivation. Be sure to get in quick and contact your Bennetts Account Manager before it’s all gone.
 

                                                                                                  Ripe cherry selected for Ethiopian specialty and experimental processing.
 

SPECIALTY COFFEE ASSOCIATION (SCA) EXPO 

Upcoming SCA Chicago 2024.

Next week some of the Bennetts team will be heading to the USA to attend the Specialty Coffee Association Expo in Chicago. This expo has always been a great opportunity to catch up with fellow industry members, supplier partners, and learn about the new and exciting developments in the world of coffee. It's also a great opportunity for Bennetts to share with our supplier partners Australian industry news, unique to our market.

We look forward to catching up with you all, and if you see us at the show, please be sure to say hi and have a chat!

Until then, enjoy some recent pictures, and not so recent pictures of our previous ventures to the SCA.
 

MARKET REPORT

If any of these terms in the market report are confusing, we urge you to use Investopedia to make sense of them. We have found it to be a brilliant tool when learning about all things trading, futures and currency.
 
NY C movements and the Brazilian Impact
 
As well as keeping coffee expensive, this steady market also makes for repetitive market report writing. There is very little we can say that we haven’t said before, but we’ll give it a go. At the beginning of March the trading bell sounded, the boards lit up and we kicked off at 184.85 c/lb. Spiking a few days later at a height of 194.75 c/lb it swiftly returned to its comfort zone in the 180s as certified stock increased to its highest levels since October 2023. Ending early for the Easter break, we closed out at 184.85 c/lb. With little fundamental news to drive the market most of the upwards momentum was caused by speculative short covering.  
 
Robusta continues to parade in the skies and there isn’t a drop of rain in sight. Regularly setting new high records and getting agonisingly close to hitting 3,600 US$/MT. At this point, anything is possible and we should all be ready for it to continue its journey upward.  
 

 March 2024 NY C Graph

Certified Stocks
At the end of March arabica had almost 583,000 in certified inventories, an increase of over 230,00 bags from the last report. Robusta certified inventories are up to a whopping (that’s a joke btw) 27,000 MTs. This has increased by 3,000 MTs since last month. These low inventory levels are helping to maintain Robusta’s high price.
 
Commitment Of Traders Report
The commercials marginally reduced their overall net short from the last report to -56,000 future lots. The specs increased their overall long position to nearly 55,000 future lots. It’s not surprising that there hasn’t been very much change in these numbers since the market has been relatively static over the same period.
 
The Wider Macroeconomic Impact
The US Dollar Index has a bullish March, increasing steadily to 4 month highs. A mixture of high than expected manufacturing and personal spending reports are helping to drive the upward movement. Recent comments from the Federal Reserve have confirmed their stance that they are not likely to reduce interest rates any time soon. This of course has not played in favour for the AUD which initially enjoyed a spike in value at the beginning of March but has since lost traction.
 
The strengthening greenback has pushed the USD/BRL (Brazilian Real) to it’s highest level since October 2023. A weak Real means that farmers get paid more of every kg of coffee them sell on the market. This extra incentive can make big differences and can prompt export selling at higher levels if the demand is there. This can have the effect of driving down coffee prices so perhaps there is some good in the strong US Dollar after all.
  

UPCOMING ANZAC DAY CLOSURE