Best of Panama Sets a New Record Price for Coffee

By Wilford Lamastus, President of the Specialty Coffee Association of Panama

A new record in coffee pricing was established at the 21st edition of the “Best of Panama” coffee auction which took place on July 18th as part of an annual event hosted by the Specialty Coffee Association of Panama.

The auction yielded a total revenue of $368,771 for the coffee growers on nearly 6,000 lb. of coffee with an average price of $61.98/lb. Among these prices emerged a new world record of $601/lb. That lot, a 100-lb. lot of naturally processed Geisha, was purchased by Hong Kong’s Jason Kew and produced by Hacienda La Esmeralda of Boquete.

Ric Rhinehart, Executive Director of the Specialty Coffee Association (SCA), participated in the event as Head Judge of the competition.

“Congratulations are due not only to the producers of this coffee, but to all of the coffee growers of Panama who have focused their efforts on growing, processing, and delivering to market some of the very best coffee on earth,” said Rhinehart.

Fifty-one lots of at least 100 lb. of coffee each were offered including washed and natural Geishas, washed and natural traditional varieties and a new category featuring the Pacamara variety. Among the traditionals was a coffee variety new to Panama, the Bourbon Pointu, also known as Laurina.

The auction concluded with single lots being purchased by the US, Holland and France, two lots each to UK and Saudi Arabia and seven lots going to Australia. The remaining 37 lots went to Taiwan, China, Hong Kong, Japan, Thailand, Indonesia and S. Korea. This broad set of buyers and the countries they represent have all shown their dedication to providing and patronizing the very best in Panamanian coffee.

The complete list of buyers who participated can be found at auction.bestofpanama.org.

The growers and producers of Panama would like to thank our generous and loyal buyers as well as the judges led by Head Judge Ric Rhinehart for once again helping to bring Panama to the forefront of quality coffee.