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terça-feira, 7 de outubro de 2014

The visible world deficit of coffee , trying to see the invisible
Marco Antonio Jacob October 6, 2014

Today is the 6th of October, and exactly 277 days have elapsed for the year 2014 and we are already focusing on trying to predict the 2015/16 Brazilian coffee crop size and what will happen to production. Is it possible to predict this yet?  As we have no crystal ball to try to see the invisible we will need to rely on logical reasoning, doing some mathematical exercises, but for this we must return a little to the past to refresh our memories of what has happened up until now.

In December 2013, being conservative and optimistic, we considered that for the 2014/2015 crop, one of a two year cycle that should be larger rather than smaller, we had a total harvest forecast of 54 million bags of which Arabicas would be 37 million and 17 million conilon; below we see the news published in January 2014.

Volcafé
Jan. 6 - "We have found evidence in the field study that encourages us to settle on a 51 million bag crop estimate for the 2014/15 season, with around 35 million bags of arabica and 16 million robusta bags."

Citigroup
Jan.6 (Bloomberg) -Output in Brazil, the world's top grower, may reach 52.6m to 53.2m bags in 2014 VS the previous estimate of 58.5m bags, Sterling Smith, a futures specialist at Citigroup Inc., said today in a telephone interview.

Terra  Forte
Jan.8 - Therefore our end number stands at 53.7 Million; However with a strong negative bias. The 52/54 range sounds safer at the moment: Arabicas 36.25 million and 17.44 million Conilon.

Back in December 2013 production prospects for 2015/2016 were for a smaller harvest; besides the low crop cycle, there was a large disinvestment in the Brazilian coffee sector due to weak prices that were being received that were below cost of production. At that time,  the projections for 2015/2016 would be 20% less for Arabic coffee, with a potential of 30 million bags, and for conilons also due to a small bi-annuality, a slight decline, estimated at 16 million bags, thus reaching a total production potential for Brazilian 2015/2016 of 46 million bags of coffee.

In the period from January to April, Brazilian coffee size is determined during the growth and grain filling stage, but also the tree is in this phase of vegetative growth for future fruits, so the coffee needs plenty of water and energy to meet the needs of both.

In January 2014, there was an extreme climate anomaly, with a very long drought combined with high temperatures, intense solar radiation and lower relative humidity on Brazilian coffee plantations of Arabica coffees; an anomaly never imagined and never experienced before.

Because at this time of year the trees needed high consumption of water and energy, a competition started between providing nourishment for the fruit currently on the tree or for vegetative growth but neither has emerged victorious, with losses on both; pending beans in many fruits were incomplete and there was a smaller increase in endosperm (seeds), while at the same time there was also smaller vegetative growth, both orthotropic (trunk) as the plagiotropicas branches (laterals).

In March, one could already observe the damage caused, as we noted the lowest vegetative growth with various tips and necrosis on leaves of vegetative branches due to scalding, and with a deeper analysis it was also noticed damage in the endosperm of the fruits pending, but quantifiying the loss was difficult.
There was another aggravating problem because given the impossibility of climate conditions, almost all the coffee plantations stopped receiving phyto-sanitary and nutritional treatments.

 Considering these facts, now at the beginning of October after the harvest has been completed, it is only possible to quantify the actual size of the 2014/2015 crop reduced to this extreme climate anomaly that occurred between January and March 2014.

In Arabic coffee, it was determined that losses ranged from 5% to as high as 80%, depending on various specific conditions:

First, the coffee crop (with shallow roots), in warmer areas with sandy soils, there was production loss of up to 80%.

Second, adult coffee trees planted in clayey soils in cooler regions that face against sun and have been irrigated, the loss was limited to only 5%.

According to data from researchers, cooperatives and private companies, the loss of production for crop 2014/2015 in Arabic coffees reached an amount of approximately 7/8 million bags, pointing to a harvest of Arabica coffees between 29-30 million bags, assuming the loss was approximately 20% of the 37 million originally planned; this projection is in line with private companies and official bodies of research.


The conilons coffee production estimate was kept at the original projection of 17 million bags, as they are produced in regions where there were no weather problems, however, there is a discrepancy of Brazil trade projections and CONAB /INCAPER which pointed to Brazilian conilons of only 13 million bags.

Thus, we can state that the Brazilian crop 2014/2015 was closer to only 46/47 million bags.

For the 2015/2016 harvest, given the low vegetative growth recorded so far, caused by the perverse climate anomaly in the first quarter of 2014 which is the most important phase of vegetation (January and March), along with the smaller crop treatment due to economic issues and the inability to make them during the drought as mentioned above coupled with the aggravation of a quantity of coffee being renovated (pruned) today, a loss of 30% in the original production potential of Arabic coffee is perfectly within the realm, so another 9.6 million bags should be considered gone of productive potential.

I emphasize that we currently have a significant reform of crops, with “esqueletamento”, necklines, “recepas” and “arranquios” adult plantations because as mentioned vegetative growth was insignificant in many plantations.

In addition, trees of young age (crops up to 5 years), vegetative growth was small, and therefore the quota will not have satisfactory crop yield potential

There will be no magic or miracle that will reverse this situation, because the art of making coffee is the art of producing vegetative branches in coffee.

So if we deduct 9.6 million bags of the productive potential of Arabic coffees from the 32 million bags of coffee estimated possible back in December 2013, we find the maximum productive potential for the 2015/2016 harvest amounts to a mere 22.4 million bags.

For Conilon, we keep the same 16 million bags of coffee originally targeted because there was no climate problem reported.

Combined, the Brazilian productive potential for 2015/2016 totals only 38.40 million bags.

Below I present two sets of data published by Cooxupé, so that one can understand the gravity of the weather anomaly.




The basis of this article is not statistical nor is it based on precise numerical calculations but it is just a mathematical reflection.
With the visible deficit in the supply of coffee for the world consumer market, since Brazilian production in crops  2014/2015 and 2015/2016 will be near 85 million bags and other producing countries will not have the capacity to meet the deficit Brazilian, world stocks will be needed to meet global demand in the period.
There is no tolerance for other weather problems in any coffee producing countries and global climate conditions must be extremely favorable for coffee production because stocks may not be sufficient to meet global demand.








O visível déficit mundial de café , tentando enxergar o invisível
Marco Antonio Jacob   -   06 de outubro de 2014

Estamos dia 6 de outubro , são 277 dias transcorridos do ano de 2014 , e ,  já estamos na safra cafeeira brasileira de 2015/2016.
Podemos tentar prever o que ocorrerá na produção brasileira de café para a safra de 2015/2016 ?
Como não temos bola de cristal, para tentar enxergar o invisível vamos usar o raciocínio lógico, fazendo alguns exercícios matemáticos, mas para isto, devemos  retornar um pouco no passado para refrescar nossa memória.
Em dezembro de 2013,  sendo conservadores e otimistas , a safra de 2014/2015 seria uma safra de ciclo cheio  , dado a bienalidade , então tínhamos uma previsão de colheita de 54 milhões de sacas , sendo 37 milhões de arábicas e 17 milhões de conilon , vejamos abaixo as noticias publicadas em  Janeiro de 2014.
Volcafé
Jan. 6 - “We have found evidence in the field that encourages us to settle on a 51 mio bag crop estimate for the 2014/15 season, with around 35 mio bags of arabica and 16 mio bags of conillon.”

Citigroup
Jan.6 (Bloomberg)—Output in Brazil, the world’s top grower, may reach 52.6m to 53.2m bags in 2014  vs a previous estimate of 58.5m bags, Sterling Smith, a futures specialist at Citigroup Inc.,  said  today in a telephone interview.

Terra Forte
Jan.8 - Therefore our final number stands at 53.7 Mio, however with a strong negative bias.
A 52 / 54 range sounds safer at the moment.  Arabicas 36.250.000  and Conilon 17.440.000.

Neste mesmo Dezembro de 2013 , as perspectivas de produção para a safra de 2015/2016 seriam de uma safra menor , pois além do ciclo ser ciclo de safra baixa   , houve um grande desinvestimento na produção cafeeira brasileira devido aos baixos preços praticados pelo mercado ,  pois o café vinha  sendo comercializado abaixo do custo de produção.

Então as projeções para 2015/2016 seriam de uma produção 20 % menor para os cafés arábicas , assim  um potencial de 30 milhões de sacas , e , para os conilons , também devido também a uma pequena bienalidade ,  um leve declínio , com a produção estimada  de 16 milhões de sacas , projetando assim um  potencial produtivo total brasileiro para 2015/2016 de 46  milhões de sacas de café.

No período de Janeiro a Abril  , os cafeeiros brasileiros se encontram  com os frutos pendentes  em fase de crescimento e enchimento do grão , e , a arvore  também esta em fase de crescimento vegetativo, assim  o cafeeiro precisa de muita água e energia para atender as necessidades de ambos .

Porém  em  Janeiro  de 2014 , ocorreu uma extrema anomalia climática, com uma longuíssima estiagem aliado a altíssimas temperaturas ,  intensa radiação solar e menor umidade relativa do ar sobre quase a totalidade do parque brasileiro de cafés arábicas, uma anomalia jamais imaginada e nunca experimentada.

Como nesta época os cafeeiros necessitavam de alto consumo de água e energia, iniciou uma competição entre frutos pendentes e o crescimento vegetativo, nenhum se saiu vencedor, com perdas para ambos; nos frutos pendentes muitas lojas não se completaram e houve um menor crescimento dos endospermas (sementes) , e , também houve um menor crescimento vegetativo , tanto ortotropico (tronco) como das ramas plagiotropicas (laterias) .

Em Março , já se podia constatar os danos causados ,  pois notava-se o menor crescimento vegetativo com varias necroses nas folhas e de ramas vegetativas devido a escaldadura , e ,  com um analise mais profunda , notava-se também danos no endosperma dos frutos pendentes , mas quantifica-los era ainda difícil.

Porém houve um agravante, pois dado a impossibilidade pelas condições climáticas , quase todos o parque cafeeiro deixou de receber tratamentos fitossanitários e nutricionais.

Partindo destes fatos ocorridos, agora no inicio de Outubro, findado a colheita , podemos quantificar  a real dimensão na produtividade de 2014/2015 devido a esta extrema anomalia climática ocorrida entre JANEIRO e MARÇO de 2014 .

Nos cafeeiros arábicos, foi constatado perdas de 5% a 80% , dependendo de várias condições especificas

Cafeeiros de primeira safra (com raízes superficiais), em zonas mais quentes , com solos arenosos , houve perda de produção de até 80% .

Cafeeiros adultos, em solos mais argilosos, regiões mais frescas,  contra face do sol e irrigados, houve perdas de produção de 5%.

De acordo com dados de pesquisadores, cooperativas e empresas privadas , a perda de produção para a safra de 2014/2015 nos cafés arábicos atingiu um montante de aproximadamente 7/8 milhões de sacas, apontando para uma colheita de cafés arábicas entre 29/30 milhões de sacas , portando a perda foi de aproximadamente 20%  dos 37 milhões originalmente previstos , esta projeção é em linha entre as empresas privadas e órgãos de pesquisa oficiais.

Os cafeeiros conilons mantiveram  a projeção inicial de 17 milhões de sacas , pois  são produzidos em regiões onde não houve problemas climáticos , entretanto há um discrepância do “trade” brasileiro e as entre as projeções da CONAB/INCAPER , órgão capixaba de pesquisas cafeeiras que afirma que a produção brasileira de conilons em 13 milhões de sacas. 

Assim sendo, podemos apontar que a safra brasileira de 2014/2015 será maximamente próxima de 46/47 milhões de sacas.

Para a safra de 2015/2016, dado ao menor crescimento vegetativo registrado até o momento, devido a perversa anomalia climática no primeiro trimestre de 2014, na fase mais importante de vegetação (Janeiro e Março), juntamente aos menores tratos culturais devido a questões econômicas e a impossibilidade de fazê-los durante o período da estiagem como citado anteriormente ,  e , com o agravante de uma quantidade de cafeeiros sendo reformados (podados) atualmente , uma perda de 30% no potencial produtivo original de cafés arábicos é perfeitamente dentro da realidade , assim outros 9,6 milhões de sacas devem ser eliminados do potencial produtivo.


Ressalto que atualmente temos  uma expressiva reforma das lavouras ,  com esqueletamento , decotes , recepas e arranquios de  cafezais adultos, pois como mencionado o crescimento vegetativo foi pífio em muitíssimas lavouras.

Inclusive, as lavouras jovens (cafeeiros com até 5 anos), o crescimento vegetativo foi pequeno ,  assim este contingente de lavouras  não terão potencial produtivo satisfatórios.

Não haverá nenhuma mágica ou milagre que fará reverter este quadro, pois a  arte de produzir café é a arte de produzir ramas vegetativas no cafeeiro.

Então se deduzirmos 9,6 milhões de sacas do potencial produtivo de cafés arábicos que seriam  originalmente 32 milhões de sacas de café estimados em Dezembro de 2013, encontramos como potencial produtivo para 2015/2016 o montante de apenas 22,4 milhões de sacas .

Para o café conilon, devemos manter os mesmos 16 milhões de sacas de café, pois nenhum problema climático foi relatado.

Então o potencial produtivo brasileiro para 2015/2016 , totalizam  38,40 milhões de sacas.

Abaixo apresento dois dados publicados pela COOXUPÉ  , para que entendam a gravidade da anomalia climática ocorrida até o presente momento .


média de chuvas no período de Janeiro a Setembro de 2014 foi apenas a metade do mesmo período de 2013.


A literatura brasileira indica que regiões onde o déficit hídrico é maior que 150 mm , são inaptas para cafeicultura convencional (não irrigada).


O condão deste artigo não é estatístico, e nem tampouco uma precisão de acertos numéricos, é apenas uma reflexão matemática.

Então, visível é o déficit no suprimento de cafés para o mercado consumidor mundial, pois a produção brasileira  nas safras 2014/2015 e 2015/2016  serão próximos a 85 milhões de sacas , e ,  os outros países produtores não terão a capacidade de suprir o déficit brasileiro , assim sendo, será necessário o uso dos estoques mundiais para atender a demanda global  no período.

Oxalá não tenhamos nenhum outro problema climático nos países produtores de cafés, pois necessitamos que as condições climáticas mundiais sejam extremamente favoráveis a produção de café, pois os estoques podem não ser suficientes para atender a demanda mundial.






segunda-feira, 6 de outubro de 2014

Grab a Cup: Coffee Prices Hit 30-Month High -- Barron's Blog
Johanna Bennett

  How much is a cup of coffee worth these days? The price of Arabica-coffee prices surged to the
highest level in 30 months Monday as dry weather in Brazil fueled concerns about next year's crop.
  Arabica coffee for delivery in December ended today at $2.2080 a pound after rising a 6.9% on the
ICE Futures U.S. exchange after earlier climbing as much as 9.2% during the day.
  The jump benefitted exchange-traded funds linked to the agricultural commodity . The iPath Dow
Jones-UBS Coffee Total Return ETN ( JO) led the charge, rising 8.2% to $42.21, making it one of the
day's fastest rising ETFs.
Meanwhile, a competing fund, iPath Pure Beta Coffee ETN ( CAFE), climbed 7.6% to $27.44.
  Brazil generates one-third of the world's coffee and about half of the world's arabica beans,
which are valued for their flavor and used in gourmet blends.
  The recently ended coffee harvest was Brazil's smallest in three years, after the main growing
region experienced its worst drought in decades in the spring. Coffee prices have nearly doubled
this year, and worries persist as to how weakened trees will fare next season.

More Expensive Cup of Coffee? Beans Soar to 2 1/2 -Year High
Alexandra Wexler

     The sharply rising price for coffee beans means that morning cup of joe could soon get more
expensive--again.
     Arabica-coffee prices surged to the highest level in 2 1/2 years on Monday as dry weather in
Brazil raised concerns about next year's crop.
     Coffee prices have nearly doubled this year as a lack of rainfall clipped output from the
world's biggest coffee grower and fueled worries about how already weakened trees will fare next
season. Brazil is the source of one-third of the world's coffee and about half of the world's
arabica beans, which are prized for their mild flavor and used in gourmet blends..
     Consumers were already hit with a wave of price increases this summer by big roasters like
Starbucks Corp. and Folgers maker J.M. Smucker Co. Now, traders and investors say the return of dry
weather in Brazil could keep prices high for years to come, particularly if the perennial trees are
damaged.
     "Brazil is to the coffee market what Saudi Arabia is to the oil market," said Harish Sundaresh,
commodities strategist at Loomis, Sayles & Co., a Boston investment adviser that manages about $220
billion. "If Brazil falls off a cliff it would definitely get the market worried."
     He has placed bets in the futures market that benefit from rising coffee prices and expects
arabica prices to trade between $2 and $3 a pound next year.
     Arabica coffee for delivery in December was recently up 7.1% at $2.2120 a pound on ICE Futures
U.S., on track to end at its highest level since January 2012. Futures were earlier up as much as
9.2%.
     In June, J.M. Smucker Co. became the first major U.S. roaster in nearly three years to lift
coffee prices, announcing an average 9% increase in the cost of popular supermarket brands such as
Folgers and Dunkin' Donuts. Kraft Foods Group Inc. and Starbucks Corp. followed suit with their own
price increases.
     "If there isn't any rain, then certainly Starbucks and those guys will be feeling some pain,"
said Jonathan Camarda, executive wealth manager at Camarda Wealth Advisory Group. Mr. Camarda, who
manages about $210 million, is considering adding to shares he first bought in August in the iPath
Pure Beta Coffee exchange-traded note. "You're looking at definite further upside [for prices]."
Smucker, Starbucks and Kraft could not be immediately reached for comment.
     Price increases may not immediately reduce demand, however. American consumers are unlikely to
cut back on coffee consumption until prices rise by at least 30%, said Thom Blischok, chief retail
strategist at Strategy&, a consulting firm formerly known as Booz and Co. He said manufacturers and
retailers are likely to change the size of coffee packaging to stave off further price increases.
     "Coffee is one of these American staples," Mr. Blischok said. "Giving up their cup of coffee is
going to be pretty tough to do."
     The recently ended coffee harvest was Brazil's smallest in three years, after the main growing
region experienced its worst drought in decades in the spring. In July, unseasonable rains caused
some trees to flower early for the next year's crop. But dry weather followed, causing some of those
trees to drop their flowers, and others to not flower at all. That will prevent development of the
coffee cherries that contain the seeds that are roasted to make beans.
     "With no significant rainfall in September, an alarming situation with substantial losses for
2015 is projected," Brazil's National Coffee Council, a growers' group, said last week.
     Next year is an off-year in Brazil's two-year coffee cycle, meaning production would already
have been lower without the unusual weather. Global coffee production could fall short of demand in
the season that began Oct. 1 by the largest amount since the crop year ending in 2006, the
International Coffee Organization said in July.
     "Brazil is on target to potentially have two deficit years," said Brian Kurtzer, senior
portfolio manager at Durham, N.C.-based Verity Asset Management, which manages about $410 million.
"The path of least resistance is still on the upside."
     Arabica coffee is the only commodity that Mr. Kurtzer is betting on to increase in price, he
said. He bought shares in the iPath Dow Jones-UBS Coffee Subindex Total Return exchange-traded note,
an investment product that tracks coffee prices, in August and added to the position last month.

Coffee Futures Soar to 2 1/2-Year High on Dry Weather in Brazil
Leslie Josephs

     NEW YORK--Arabica-coffee prices surged more than 7% to the highest level in 2 1/2 years on
Monday as dry weather in Brazil raised concerns about next year's crop.
     Coffee prices have more than doubled this year as a lack of rainfall clipped output from the
world's biggest coffee grower and fueled worries about how already weakened trees will fare next
season. Brazil is the source of one-third of the world's coffee and about half of the world's
arabica beans.
     The most actively traded arabica contract on the ICE Futures U.S. exchange, for December, rose
to $2.2550 a pound, the highest level since Jan. 20, 2012. December futures were recently up 7% at
$2.2075 a pound.
     "We are in a very sensitive situation where if there are no rains in the next week, there
[won't be] flowerings," said Rodrigo Costa, head of the coffee desk at New York brokerage Newedge.
"The trees are still suffering from the first-quarter problem."
     Brazil had its worst drought in decades in the first three months of 2014. The dry weather
curbed the amount of beans the trees produced for the current crop and could have lingering effects
as growers prepare for the next crop.
     Currently, Brazil's arabica trees are flowering, which determines the size of the coming crop.
A lack of moisture could stunt that process.
     Brazil's coffee-growing areas are expected to remain mostly dry until the third week of
October, according to São Paulo-based forecaster Somar Meteorologia.
Some trees that flowered early could be "in trouble" due to the dry weather, Mr. Costa said.
     Sharp gains in Brazil's currency also helped lift coffee prices, analysts said. The real hit
2.3825 against the U.S. dollar, the strongest since Sept. 25, after Brazil's presidential election.
President Dilma Rousseff came in first but failed to clinch a majority needed to win outright and
will face the more conservative Aécio Neves in a runoff on Oct. 26.
Marina Silva, an environmentalist, took 21% of the vote.
     A stronger local currency is a deterrent for producers to sell since they would receive fewer
reais back for coffee sold abroad in U.S. dollars. The Brazilian currency's move also helped push up
sugar prices. Raw sugar for March was up 1.8% at 16.74 cents a pound.
     Cotton for December was up 0.8% at 62.97 cents a pound. Cocoa for December rose 0.8% to $3,079
a ton, while November orange juice rose 0.2% to $1.4115 a pound.

quinta-feira, 2 de outubro de 2014

Arabica-Coffee Futures Surge to More than 5-Month High; Cotton Falls
Leslie Josephs

     NEW YORK--Arabica-coffee prices surged 6.7% on Thursday to the highest level in more than five
months as a lack of rain in Brazil fueled concerns that production will be constrained this year as
well as the next.
     Arabica for December on the ICE Futures U.S. exchange rose to $2.1375 a pound, the highest
since April 25 for the most actively traded contract. The contract recently traded up 5% at $2.1050
a pound.
     Brazil is the source of about half of the world's arabica beans, and a severe drought early
this year clipped output. Weather conditions remain drier than usual, and that has raised worries
over next year's production.
     "With no significant rainfall in September, an alarming situation with substantial losses for
2015 is projected," Brazil's National Coffee Council said in a note Wednesday.
     Brazil's coffee-growing areas are expected to remain mostly dry until the second week of
October, according to São Paulo-based forecaster Somar Meteorologia. That lack of moisture could
hurt arabica trees already weakened by Brazil's worst drought in decades.
     "If it remains dry, that's a problem," said Rodrigo Costa, a head of the coffee desk at
brokerage Newedge.
     Arabica futures prices are up 93% this year, and the sharp rise has prompted roasters including
Starbucks Corp. and J.M. Smucker Co., the maker of Folgers, to raise prices for consumers.
     Cotton futures turned briefly positive Thursday morning after the U.S. Department of
Agriculture reported net-export sales of 226,400 bales during the week ended Sept. 25, up 45% from
the previous week. Cotton for December was recently down 0.3% at 61.95 cents a pound, after reaching
as high as 62.56 cents.
     "Weekly export sales as of Sept. 25 were better than expectations of 100,000 to 125,000 [bales]
due to large sales to Turkey, China and Thailand," said Sharon Johnson, senior cotton specialist and
introducing broker for KCG Futures in Atlanta. But a record global glut is expected to continue to
weigh on prices.
     Orange juice for November was down 1.2% at $1.432 a pound, while December cocoa was 1.1% lower
at $3,137 a ton, a more than two-week low.
Sugar for March was up 0.9% at 16.18 cents a pound

quarta-feira, 1 de outubro de 2014

CHUVAS INSUFICIENTES PIORAM PERSPECTIVAS PARA SAFRA 15/16 DO BRASIL

As condições das lavouras para a
safra 2015/16 de café do Brasil "se deterioraram drasticamente nos últimos
quatro a cinco dias devido à insuficiência de chuvas", disse Andrea
Thompson,  chefe de pesquisa e análise da CoffeeNetwork, unidade da INTL
FCStone.
    As perdas para a safra que será colhida no ano que vem já estão sendo
estimadas em 20% na comparação com o volume produzido em 2014, disse ela,
citando estimativas de engenheiros agrônomos brasileiros. Para 2014/15, a
estimativa de produção de café é de 47 milhões de sacas, em comparação as
52 milhões de sacas projetadas em março.
    "Vimos algumas floradas acontecerem em certas regiões produtoras de
café do Brasil dias atrás. Contudo, teme-se agora que não haverá chuvas
suficientes para segurá-las, mesmo que as floradas se generalizem pelos
cafezais - o que ainda não aconteceu", frisou Andrea. As chuvas irão
apenas evitar novas perdas de produtividade, complementou.
    No Brasil, a cafeicultura precisa de chuvas em meados de setembro e
principalmente no final do mês. O estresse sofrido pelas árvores de café
devido a estiagem do início do ano não tem precedentes, impactando até mesmo
a produtividade de 2015/16, temporada que, além do mais, é de baixa carga
devido ao ciclo bienal do café arábica.