Exclusive-Major coffee buyers face losses as Colombia farmers fail to deliver

FILE PHOTO: Roasted coffee beans are seen on display at a Juan Valdez store in Bogota, Colombia June 5, 2019. REUTERS/Luisa Gonzalez

LONDON (Reuters) - Coffee farmers in Colombia, the world's No. 2 arabica producer, have failed to deliver up to 1 million bags of beans this year or nearly 10% of the country's crop, leaving exporters, traders and roasters facing steep losses, industry sources told Reuters.

World coffee prices have soared 55% this year, mainly due to adverse weather in top producer Brazil, prompting Colombian farmers to default on sales clinched when prices were much lower in order to re-sell the coffee at higher rates.