Ethiopia Commodity Exchange (ECX)

[K.C. O'Keefe]

Greetings Coffee Community. I am working directly with the Ethiopian Commodity Exchange for the February 17th launch of the new Direct Specialty Trading platform. Information can be found at: http://www.ecx.com.et/DSTIntroduction.aspx

We are working at getting the physical lots delivered into the DST warehouses, and production of the catalog. We've cupped some nice washed Yirg and Sidama coffees.

[K.C. O'Keefe]

The first DST ECX catalog is being updated on line each day this week: http://www.ecx.com.et/DSTCatalogResults.aspx

Some nice coffees coming in.

[SL28ave]

The first DST ECX catalog is being updated on line each day this week: http://www.ecx.com.et/DSTCatalogResults.aspx

The list is growing!

[Oliver]

Some results are in from the first auction. http://www.ecx.com.et/DSTCatalogResults.aspx

Can anyone report from Ethiopia how this went?

What is next? How are these lots exported?

[K.C. O'Keefe]

Greetings From Addis Ababa.

In summary the DST had the following. 16 lots sold (36% of the 44), Top lot $4.02 from Dama Cooperative purchased by Trabocca. Sales totaled over $500,000. Buyers were Royal Inc, Royal NY, Schluter, Trabocca and Intelligentsia.

Over 200 samples were sent out. 13 Cuppers representing distinct buyers participated in 5 rounds of cupping. 11 Buyers were either physically present or represented buy an agent. There were 7 No Sales (seller did not accept the bid) and 21 No Bids (Buyers did not bid).

The buyers and sellers have finalized their contracts which directly reflect the bidding session and now the sellers will retrieve their coffees from the DST warehouses and proceed to process and export the coffees.

DST Round Two will be towards the end of March, and we anticipate a lot more submissions of unwashed coffees (now starting to flow) and much more private farmer participation. The warehouse for DST Round Two has already begun to receive lots.

Every buyer who was here has given great suggestions and indicated they will participate again. My opinion is that while DST might have some slight modifications I think it is here to stay.

K.C. O'Keefe
DST Consultant

[mnasce]

K.C. : Excellent presentation at the rountable. It's unfortunate Messert rushed you, where can I find a copy of your slides? Also, do you know where to register for Q cupper classes in Addis?

[K.C. O'Keefe]

Thank you for the comments. You should check with CQI directly to find out about cupping dates. They will probably have some continual classes with ECX in which industry members can participate.

[sweetmarias]

My experience;. Unfortunately I was in Guate and couldn't be there on the day of the auction. Jason was there on our behalf but the impression of the samples was mixed. The hope is that the 2nd DST auction will have some more striking coffees because producers will have more time to prepare, and to direct their best coffees to the DST auction (if they pass the qualification cupping by the graders). The samples were sent really quickly, but sadly it is quite expensive. 9 samples cost us $260 on our UPS bill. If the ECX can bill the shipping to a credit card and send them by a carrier that charges less (DSL or TNT), this might help more buyers to be involved, if only to create buzz about the coffees since more will have cupped them. So essentially since we were willing to go higher than what was bid, the folks I was relying on who cupped them didn't feel they could go ahead and bid at those levels. But the groundwork is layed now, so round 2 should bring more successful purchases, I think. -tom

[Alistair]

post on the DST auction from Max Nicholas-Fulmer at Royal Coffee:
http://www.royalcoffee.com/blog.asp?id=63#top

[Mike White]

Stephen Vick posted his experiences here:

http://hodikaribu.tumblr.com/post/436563303