Brazil and Colombia are urging growers to withhold coffee exports, even though their efforts have so far failed to drive up prices and is costing them market share.
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The two nations are hoping to persuade coffee producers to hold back exports to boost prices that were recently at seven-year lows. Large inventories of coffee beans and delays by some Asian coffee producing countries in getting on board the plan are currently hampering efforts.
Asian producers Vietnam, Indonesia and India have been reluctant to join the plan, and world coffee prices have continued to fall since the plan took effect on 1 October.
The 14 members of the Association of Coffee Producing Countries, joined by Vietnam, Mexico, Guatemala, Honduras and Nicaragua, agreed on 29 September to withhold 20% of available coffee supplies from the export market. The association meets in London on Thursday (25 January) to discuss the current situation.
Indonesia agreed yesterday (23 January) to join the plan.
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