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Brazil Property News: Brazil predicts a booming coffee harvest
12th May 2008 04:23
Brazil expects its second largest coffee crop for a decade, according to one industry body.
The National Food Supply Company has predicted growth of more than one-third (35 per cent) in its second coffee crop survey of the year.
It believes the Latin American nation should harvest 45.5 million bags of coffee this year to cope with a domestic demand of 17 million bags, leaving 28 million bags leftover for exportation.
Manoel Bertone, secretary of production and agro-energy at the Ministry of Agriculture, Livestock and Supply, believes that the result could have been better if there had been more rain last autumn.
He added that because the coffee crop cycle lasts two years, a small crop is always followed by a good one.
"As the current crop is not achieving the full potential of Brazilian coffee farming, next year's crop should not be as small as it would be expected, which after all is good news, because it makes it easier to manage public policies, and thus to control inventories for transition in a more reasonable manner," he concluded.
People considering buying property in Brazil could be interested to hear that the nation's coffee crops are set to boom as it suggests an economic windfall for the nation.
Meanwhile, Haroldo Lima, the head of Brazil's National Petroleum Agency, told local reporters last week that the oil find, known as Carioca, could potentially contain 33 billion barrels of oil.
That would make it the third-biggest currently active oil field.
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