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COLOMBIA TO CREATE FUND TO HELP COFFEE GROWERS

COLOMBIA TO CREATE FUND TO HELP COFFEE GROWERS



The Colombian government is to provide US$34 million to help coffee farmers affected by low prices, the finance minister and the head of the county’s coffee federation said.

Reuters said the federation, which represents some 550,000 Colombian coffee-growing families, will form a roundtable with government representatives to decide a price level that will allow use of the money and how it will be distributed.

The global benchmark futures contract for Arabica coffee prices fell to a 12-year low recently, at 99.35 cents/pound.

That was the first time that the C price had been below US$1/pound since July 2006.

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