Colombia Coffee Park — young share 81%, 16.4 bags/ha

Colombia is the one origin that can say how old its coffee is. The FNC's SICA census records the technification and age of every hectare, and it currently puts 81.0% of the park in young technified plantings — down from 85.9% at the 2019 peak, with aged area up to 155k hectares. That is the measurement the two Brazilian pages in this series cannot make, and it is the outcome their cost-coverage lines are ultimately about. What Colombia does not publish is a cost survey — so in place of a margin we measure the grower’s share of the world price, currently 82% of Ex-Dock against a 78% average since 1991.

81.0%

Young share of park

2024, from 85.9% in 2019

18.6%

Aged share of park

2024, 155k ha

16.4

Bags per hectare

2025, peak 17.3

82%

Grower share of world price

vs 78% since 1991

Two distinct eras. Between 2007 and 2019 the traditional park was almost entirely converted — traditional area fell from 147k to 11k hectares while the young technified block grew. Since 2019 that has run in reverse: aged area has risen from 109k to 155k hectares, and the total park has contracted to 838k. The park is not being replaced as fast as it is growing old. A fuller treatment of this, including the regional migration out of the Eje Cafetero, is in our Colombia coffee park article.

The rust years are still the reference point. Yield bottomed at 8.3 bags per hectare during the 2008–2012 leaf-rust epidemic and recovered to a 17.3 peak in 2019. The recovery is what the renovation program was for. Whether the current re-aging of the park pulls it back down is the open question — and, as the next chart shows, not one this data can yet answer.

We are publishing a null. In levels, the young share and yield 2 years later correlate at r = +0.90, which is the striking number and the one we are deliberately not headlining. Two series that both trend across 17 annual observations will correlate whether or not they are related. The test that asks the actual question — does a move in replanting predict a move in yield — gives r = +0.35 with a permutation p of 0.18, which does not clear any reasonable bar. The mechanism may well be real; 16 annual changes are simply too few, against too much weather, to demonstrate it. We would rather say so than sell the +0.90.

This is the Colombian half of the margin question, and it is only half. The precio interno has gone from 769k COP/carga in Jan 2015 to 2,245k in Jul 2026. What we cannot do for Colombia is the thing the two Brazilian pages in this series do — put that price over a surveyed cost of production — because no Colombian equivalent of CONAB's cost survey is published. The price is observable; the margin is not.

Three things this chart does not support. It is nominal COP and we hold no Colombian deflator, so part of this rise is inflation rather than coffee — do not read the level as purchasing power. The series is shown from 2015 rather than from its 1944 start for the same reason: drawn in full it is a chart of Colombian inflation. And it is not comparable to the Brazilian prices elsewhere in this series without care — a carga is 125kg of parchment (roughly 0.80 of that weight in green) against Brazil's 60kg saca of green coffee.

This is the Colombian answer to the cost-coverage lines on the two Brazilian pages. It cannot say what a grower earns over cost, because no Colombian cost survey exists — but it says how much of what the world pays actually reaches the farm, which is the same question asked from the other end. The share has risen steadily by decade: 1990s 70%, 2000s 78%, 2010s 81%, 2020s 82%. Over the whole 416 months it averages 78%, and the latest reading is 82%.

The extremes show why it moves: the internal price is administered, not quoted. The low is 41% in Jul 1994 — the Brazilian frost spike, when the world price ran away and the internal price followed only partly. The high is 98% in Aug 1992, in the price collapse that followed the end of the ICA quota system, when the internal price was held up above what the market alone would have paid. The ratio compresses in spikes and widens in slumps, which is the signature of a smoothing mechanism — and it is precisely the cushion that keeps husbandry going through a bad price year.

Read the shape, not the level. A carga is 125kg of parchment and Ex-Dock is priced per lb of green, so the ratio depends on a parchment-to-green conversion. We use 0.80; the competing factor-de-rendimiento convention implies 0.7447, which would put the latest reading near 89% instead of 82%. That factor enters as a pure scalar — the correlation between the series computed under either convention is 1.000000 — so the trend, the turning points and the decade shift are unaffected by it, while the absolute level is not. If the FNC can tell us the factor they consider correct, this chart gets sharper immediately.

1.11x

Transmission today

window ending Jul 2026

0.44x

Transmission in the early 1990s

window ending Dec 1996

+0.69

Change, early vs recent

permutation p < 0.0001

p = 0.36

Rallies vs declines

no measurable difference — a null

Rolling 60-month volatility transmission and regression slope
Window end	Transmission ratio	Slope	Slope upper bound
Dec 1996	0.443	0.200	0.983
Jan 1997	0.437	0.185	1.031
Feb 1997	0.471	0.235	0.946
Mar 1997	0.568	0.274	1.178
Apr 1997	0.573	0.275	1.195
May 1997	0.581	0.294	1.146
Jun 1997	0.577	0.291	1.146
Jul 1997	0.614	0.338	1.113
Aug 1997	0.618	0.332	1.152
Sep 1997	0.617	0.329	1.158
Oct 1997	0.614	0.335	1.124
Nov 1997	0.622	0.345	1.121
Dec 1997	0.630	0.360	1.105
Jan 1998	0.638	0.364	1.118
Feb 1998	0.641	0.365	1.125
Mar 1998	0.653	0.384	1.109
Apr 1998	0.655	0.395	1.085
May 1998	0.667	0.410	1.086
Jun 1998	0.663	0.409	1.075
Jul 1998	0.665	0.416	1.061
Aug 1998	0.664	0.412	1.069
Sep 1998	0.655	0.410	1.046
Oct 1998	0.656	0.410	1.049
Nov 1998	0.656	0.411	1.047
Dec 1998	0.656	0.412	1.045
Jan 1999	0.655	0.411	1.044
Feb 1999	0.645	0.408	1.020
Mar 1999	0.645	0.408	1.019
Apr 1999	0.644	0.408	1.017
May 1999	0.682	0.439	1.060
Jun 1999	0.682	0.431	1.078
Jul 1999	0.748	0.434	1.288
Aug 1999	0.750	0.449	1.254
Sep 1999	0.746	0.436	1.275
Oct 1999	0.752	0.449	1.259
Nov 1999	0.760	0.466	1.241
Dec 1999	0.771	0.474	1.252
Jan 2000	0.778	0.486	1.245
Feb 2000	0.781	0.489	1.246
Mar 2000	0.786	0.497	1.244
Apr 2000	0.786	0.499	1.239
May 2000	0.783	0.498	1.234
Jun 2000	0.783	0.500	1.227
Jul 2000	0.784	0.499	1.231
Aug 2000	0.774	0.497	1.206
Sep 2000	0.781	0.503	1.211
Oct 2000	0.783	0.506	1.212
Nov 2000	0.768	0.489	1.207
Dec 2000	0.792	0.518	1.213
Jan 2001	0.792	0.524	1.196
Feb 2001	0.831	0.577	1.195
Mar 2001	0.831	0.578	1.195
Apr 2001	0.832	0.580	1.195
May 2001	0.840	0.590	1.197
Jun 2001	0.857	0.618	1.188
Jul 2001	0.860	0.622	1.189
Aug 2001	0.856	0.623	1.176
Sep 2001	0.854	0.661	1.105
Oct 2001	0.856	0.668	1.097
Nov 2001	0.860	0.666	1.109
Dec 2001	0.860	0.665	1.111
Jan 2002	0.886	0.713	1.100
Feb 2002	0.936	0.726	1.206
Mar 2002	0.808	0.646	1.011
Apr 2002	0.810	0.648	1.012
May 2002	0.843	0.645	1.102
Jun 2002	0.843	0.653	1.088
Jul 2002	0.796	0.570	1.112
Aug 2002	0.801	0.579	1.106
Sep 2002	0.826	0.631	1.082
Oct 2002	0.838	0.652	1.077
Nov 2002	0.836	0.650	1.074
Dec 2002	0.865	0.655	1.141
Jan 2003	0.894	0.673	1.186
Feb 2003	0.888	0.666	1.184
Mar 2003	0.887	0.653	1.204
Apr 2003	0.890	0.660	1.200
May 2003	0.879	0.645	1.197
Jun 2003	0.892	0.666	1.196
Jul 2003	0.918	0.695	1.213
Aug 2003	0.945	0.717	1.246
Sep 2003	0.947	0.720	1.247
Oct 2003	0.951	0.721	1.255
Nov 2003	0.952	0.717	1.265
Dec 2003	0.954	0.718	1.268
Jan 2004	0.969	0.730	1.285
Feb 2004	0.970	0.725	1.299
Mar 2004	0.972	0.725	1.301
Apr 2004	0.973	0.729	1.297
May 2004	1.016	0.784	1.317
Jun 2004	1.014	0.792	1.298
Jul 2004	1.059	0.839	1.336
Aug 2004	1.052	0.830	1.333
Sep 2004	1.067	0.844	1.348
Oct 2004	1.063	0.838	1.349
Nov 2004	1.100	0.865	1.399
Dec 2004	1.087	0.853	1.385
Jan 2005	1.085	0.845	1.394
Feb 2005	1.109	0.871	1.412
Mar 2005	1.105	0.886	1.379
Apr 2005	1.115	0.896	1.387
May 2005	1.122	0.902	1.397
Jun 2005	1.134	0.915	1.407
Jul 2005	1.136	0.927	1.392
Aug 2005	1.168	0.962	1.418
Sep 2005	1.165	0.965	1.407
Oct 2005	1.189	0.973	1.455
Nov 2005	1.238	1.051	1.458
Dec 2005	1.238	1.051	1.457
Jan 2006	1.224	1.054	1.422
Feb 2006	1.229	1.051	1.437
Mar 2006	1.231	1.055	1.436
Apr 2006	1.232	1.056	1.437
May 2006	1.236	1.056	1.448
Jun 2006	1.257	1.060	1.490
Jul 2006	1.257	1.058	1.494
Aug 2006	1.257	1.058	1.495
Sep 2006	1.262	1.059	1.504
Oct 2006	1.285	1.072	1.539
Nov 2006	1.294	1.092	1.534
Dec 2006	1.292	1.093	1.528
Jan 2007	1.294	1.101	1.521
Feb 2007	1.292	1.098	1.520
Mar 2007	1.319	1.123	1.549
Apr 2007	1.311	1.122	1.531
May 2007	1.277	1.091	1.494
Jun 2007	1.286	1.097	1.508
Jul 2007	1.287	1.118	1.482
Aug 2007	1.276	1.109	1.468
Sep 2007	1.312	1.133	1.520
Oct 2007	1.334	1.161	1.532
Nov 2007	1.333	1.164	1.526
Dec 2007	1.301	1.142	1.481
Jan 2008	1.279	1.125	1.453
Feb 2008	1.284	1.133	1.456
Mar 2008	1.311	1.146	1.500
Apr 2008	1.274	1.119	1.450
May 2008	1.275	1.120	1.452
Jun 2008	1.288	1.123	1.477
Jul 2008	1.265	1.092	1.466
Aug 2008	1.266	1.102	1.454
Sep 2008	1.240	1.078	1.426
Oct 2008	1.241	1.079	1.427
Nov 2008	1.244	1.084	1.428
Dec 2008	1.244	1.084	1.426
Jan 2009	1.249	1.089	1.433
Feb 2009	1.216	1.069	1.384
Mar 2009	1.216	1.070	1.383
Apr 2009	1.220	1.079	1.379
May 2009	1.214	1.076	1.369
Jun 2009	1.289	1.133	1.467
Jul 2009	1.242	1.076	1.434
Aug 2009	1.253	1.084	1.448
Sep 2009	1.243	1.080	1.431
Oct 2009	1.255	1.097	1.435
Nov 2009	1.249	1.090	1.431
Dec 2009	1.265	1.107	1.444
Jan 2010	1.264	1.109	1.441
Feb 2010	1.254	1.094	1.438
Mar 2010	1.267	1.092	1.469
Apr 2010	1.269	1.089	1.478
May 2010	1.267	1.089	1.473
Jun 2010	1.270	1.092	1.477
Jul 2010	1.282	1.095	1.502
Aug 2010	1.287	1.099	1.508
Sep 2010	1.301	1.101	1.538
Oct 2010	1.268	1.091	1.472
Nov 2010	1.253	1.075	1.459
Dec 2010	1.265	1.091	1.468
Jan 2011	1.279	1.090	1.500
Feb 2011	1.257	1.081	1.461
Mar 2011	1.258	1.077	1.469
Apr 2011	1.256	1.075	1.467
May 2011	1.259	1.078	1.471
Jun 2011	1.248	1.070	1.456
Jul 2011	1.250	1.073	1.457
Aug 2011	1.251	1.071	1.461
Sep 2011	1.231	1.045	1.450
Oct 2011	1.209	1.029	1.422
Nov 2011	1.198	1.018	1.410
Dec 2011	1.201	1.019	1.417
Jan 2012	1.197	1.013	1.414
Feb 2012	1.188	1.007	1.400
Mar 2012	1.192	1.017	1.395
Apr 2012	1.192	1.018	1.396
May 2012	1.215	1.040	1.420
Jun 2012	1.200	1.039	1.385
Jul 2012	1.200	1.045	1.378
Aug 2012	1.208	1.052	1.387
Sep 2012	1.208	1.049	1.390
Oct 2012	1.210	1.053	1.391
Nov 2012	1.216	1.060	1.394
Dec 2012	1.213	1.058	1.391
Jan 2013	1.213	1.058	1.392
Feb 2013	1.209	1.053	1.387
Mar 2013	1.193	1.046	1.360
Apr 2013	1.215	1.060	1.393
May 2013	1.215	1.060	1.392
Jun 2013	1.215	1.066	1.385
Jul 2013	1.230	1.086	1.392
Aug 2013	1.220	1.083	1.374
Sep 2013	1.246	1.107	1.403
Oct 2013	1.245	1.108	1.398
Nov 2013	1.240	1.107	1.390
Dec 2013	1.245	1.109	1.397
Jan 2014	1.226	1.094	1.373
Feb 2014	1.323	1.217	1.438
Mar 2014	1.230	1.134	1.334
Apr 2014	1.233	1.126	1.350
May 2014	1.245	1.131	1.370
Jun 2014	1.177	1.085	1.277
Jul 2014	1.192	1.105	1.286
Aug 2014	1.181	1.102	1.266
Sep 2014	1.178	1.096	1.266
Oct 2014	1.169	1.091	1.253
Nov 2014	1.169	1.091	1.253
Dec 2014	1.161	1.081	1.248
Jan 2015	1.160	1.079	1.247
Feb 2015	1.159	1.080	1.243
Mar 2015	1.156	1.080	1.237
Apr 2015	1.152	1.077	1.233
May 2015	1.156	1.081	1.237
Jun 2015	1.151	1.076	1.232
Jul 2015	1.144	1.069	1.225
Aug 2015	1.146	1.075	1.223
Sep 2015	1.145	1.079	1.216
Oct 2015	1.150	1.082	1.222
Nov 2015	1.161	1.094	1.231
Dec 2015	1.142	1.076	1.212
Jan 2016	1.143	1.076	1.215
Feb 2016	1.139	1.070	1.213
Mar 2016	1.135	1.066	1.209
Apr 2016	1.136	1.067	1.210
May 2016	1.134	1.067	1.205
Jun 2016	1.135	1.068	1.206
Jul 2016	1.132	1.066	1.203
Aug 2016	1.133	1.068	1.201
Sep 2016	1.153	1.093	1.217
Oct 2016	1.170	1.108	1.236
Nov 2016	1.158	1.098	1.222
Dec 2016	1.152	1.096	1.211
Jan 2017	1.154	1.096	1.215
Feb 2017	1.162	1.105	1.222
Mar 2017	1.156	1.097	1.218
Apr 2017	1.159	1.101	1.220
May 2017	1.155	1.098	1.216
Jun 2017	1.162	1.102	1.226
Jul 2017	1.165	1.104	1.230
Aug 2017	1.165	1.103	1.231
Sep 2017	1.162	1.101	1.227
Oct 2017	1.161	1.099	1.225
Nov 2017	1.155	1.093	1.219
Dec 2017	1.159	1.098	1.224
Jan 2018	1.156	1.091	1.224
Feb 2018	1.155	1.090	1.223
Mar 2018	1.154	1.089	1.222
Apr 2018	1.152	1.087	1.220
May 2018	1.152	1.087	1.220
Jun 2018	1.147	1.083	1.216
Jul 2018	1.147	1.083	1.215
Aug 2018	1.147	1.083	1.215
Sep 2018	1.147	1.082	1.216
Oct 2018	1.153	1.089	1.220
Nov 2018	1.151	1.084	1.223
Dec 2018	1.154	1.090	1.223
Jan 2019	1.153	1.086	1.223
Feb 2019	1.069	1.001	1.142
Mar 2019	1.146	1.058	1.241
Apr 2019	1.139	1.063	1.221
May 2019	1.133	1.065	1.205
Jun 2019	1.148	1.076	1.224
Jul 2019	1.148	1.076	1.224
Aug 2019	1.161	1.085	1.243
Sep 2019	1.165	1.091	1.243
Oct 2019	1.169	1.089	1.256
Nov 2019	1.179	1.100	1.263
Dec 2019	1.164	1.089	1.243
Jan 2020	1.182	1.109	1.260
Feb 2020	1.177	1.098	1.261
Mar 2020	1.154	1.092	1.219
Apr 2020	1.146	1.081	1.215
May 2020	1.136	1.074	1.202
Jun 2020	1.137	1.077	1.199
Jul 2020	1.141	1.079	1.206
Aug 2020	1.123	1.063	1.187
Sep 2020	1.121	1.059	1.186
Oct 2020	1.126	1.066	1.189
Nov 2020	1.126	1.067	1.189
Dec 2020	1.135	1.074	1.199
Jan 2021	1.134	1.073	1.197
Feb 2021	1.136	1.077	1.198
Mar 2021	1.139	1.082	1.198
Apr 2021	1.139	1.081	1.199
May 2021	1.151	1.094	1.210
Jun 2021	1.154	1.097	1.213
Jul 2021	1.158	1.102	1.216
Aug 2021	1.154	1.100	1.210
Sep 2021	1.144	1.092	1.199
Oct 2021	1.134	1.084	1.186
Nov 2021	1.149	1.100	1.200
Dec 2021	1.147	1.090	1.206
Jan 2022	1.148	1.094	1.204
Feb 2022	1.146	1.092	1.203
Mar 2022	1.146	1.095	1.200
Apr 2022	1.145	1.093	1.200
May 2022	1.147	1.096	1.201
Jun 2022	1.147	1.095	1.201
Jul 2022	1.138	1.085	1.192
Aug 2022	1.137	1.084	1.193
Sep 2022	1.141	1.088	1.198
Oct 2022	1.142	1.089	1.199
Nov 2022	1.127	1.078	1.178
Dec 2022	1.122	1.074	1.173
Jan 2023	1.130	1.086	1.175
Feb 2023	1.132	1.090	1.176
Mar 2023	1.130	1.088	1.173
Apr 2023	1.129	1.087	1.174
May 2023	1.133	1.090	1.179
Jun 2023	1.149	1.109	1.191
Jul 2023	1.147	1.110	1.184
Aug 2023	1.145	1.109	1.183
Sep 2023	1.142	1.106	1.180
Oct 2023	1.135	1.098	1.173
Nov 2023	1.138	1.104	1.174
Dec 2023	1.133	1.098	1.169
Jan 2024	1.138	1.104	1.173
Feb 2024	1.137	1.103	1.172
Mar 2024	1.136	1.101	1.171
Apr 2024	1.136	1.103	1.169
May 2024	1.135	1.103	1.169
Jun 2024	1.134	1.103	1.166
Jul 2024	1.134	1.103	1.166
Aug 2024	1.135	1.104	1.168
Sep 2024	1.133	1.103	1.165
Oct 2024	1.133	1.102	1.165
Nov 2024	1.136	1.105	1.168
Dec 2024	1.126	1.094	1.159
Jan 2025	1.116	1.084	1.148
Feb 2025	1.115	1.087	1.143
Mar 2025	1.122	1.090	1.155
Apr 2025	1.129	1.101	1.158
May 2025	1.132	1.102	1.162
Jun 2025	1.119	1.089	1.150
Jul 2025	1.102	1.076	1.128
Aug 2025	1.129	1.098	1.162
Sep 2025	1.116	1.081	1.151
Oct 2025	1.108	1.073	1.145
Nov 2025	1.110	1.074	1.147
Dec 2025	1.108	1.074	1.144
Jan 2026	1.104	1.070	1.140
Feb 2026	1.141	1.101	1.183
Mar 2026	1.141	1.100	1.183
Apr 2026	1.137	1.095	1.180
May 2026	1.127	1.085	1.171
Jun 2026	1.123	1.081	1.166
Jul 2026	1.110	1.067	1.156

The cushion is gone, and it went in the 1990s. In the five years to Dec 1996 the grower's price absorbed 0.44 times the world price's monthly volatility — less than half of what it was handed. Today it absorbs 1.11 times: slightly more than all of it. The first window at or above full transmission ends May 2004 and it has never gone back, peaking at 1.33 in the window to Oct 2007. Shuffling the era labels puts the gap of +0.69 beyond anything chance produced in 20,000 draws.

What the page said qualitatively, this measures. The pass-through section above notes that the internal price is administered rather than quoted, and that the ratio compresses in spikes and widens in slumps. That is the signature of a mechanism that damps. This says how much damping there is and when it stopped — and the answer is that the damping was real in the early 1990s and has been absent for roughly twenty years. A grower today is exposed to the world market on essentially the terms the world market sets.

We could find no ratchet, and that is worth stating plainly. Splitting the months into those when the world price rose (n=209) and fell (n=206) gives slopes of 0.65 and 0.75 — a gap of -0.10 with a permutation p of 0.36. Declines are not passed through faster than rallies, nor rallies faster than declines. This is a null, it is reported as one, and it is the kind of result that would have been easy to leave out.

Why the headline is a variance ratio and not a slope. The obvious estimator is the regression of the grower's monthly step on the world's, drawn as the dotted line. It is not safe to lead with: noise in the driver attenuates a slope, and the two directions of the regression bracket the true value. For the first window that bracket is [0.20, 0.98] — too wide to identify anything — against [1.07, 1.16] for the last. The early slope cannot carry a reading while the modern one can, which is precisely the wrong way round for a claim about change. The variance ratio needs no regression, and noise in the driver inflates its denominator — making the measured early decline conservative rather than flattering.

The denominator is the FNC's own Ex-Dock price, and it is itself smoothed. Ex-Dock is a weighted average of the period's sales, so it under-states the world price's monthly move: over the 246 months where both exist it moves 1.17 times less than the KC board, and the same grower steps regress on it at 1.08 against 0.92 on KC. That is where readings above 1 come from — it is not over-transmission. Ex-Dock is used anyway because it is the only world-price series reaching back to 1991, and a 1.17x scaling cannot produce a rise from 0.44 to 1.11. Read the shape and the turning point with confidence; read the level with the denominator named beside it. The parchment-to-green factor cancels from every number here, as it does from the decomposition below. Precio interno and Ex-Dock © Federación Nacional de Cafeteros de Colombia; TRM from the Superintendencia Financiera via datos.gov.co.

2,245k

Precio interno, COP/carga

Jul 2026 · -5.3% year on year

+245k

Board (KC)

arabica futures in US cents

-491k

Currency (COP)

pesos per dollar · TRM

+121k

Basis / differential

Colombian premium, quality, FNC deductions

Month-over-month attribution of the precio interno, COP per 125kg carga
Month	Precio interno	Board	Currency	Basis
Aug 2023	1,319,097	-43,185	+483	+43,024
Sep 2023	1,285,967	-23,697	-21,357	+11,924
Oct 2023	1,379,065	+29,439	+70,576	-6,917
Nov 2023	1,406,448	+174,938	-62,039	-85,516
Dec 2023	1,468,258	+136,916	-32,636	-42,471
Jan 2024	1,423,000	-57,130	-12,137	+24,009
Feb 2024	1,456,862	+42,739	+5,961	-14,838
Mar 2024	1,440,129	-17,650	-11,875	+12,791
Apr 2024	1,661,933	+245,924	-12,533	-11,587
May 2024	1,596,129	-83,665	+474	+17,386
Jun 2024	1,817,033	+128,500	+74,852	+17,553
Jul 2024	1,876,387	+77,724	-2,686	-15,685
Aug 2024	1,943,323	+45,797	+13,493	+7,646
Sep 2024	2,120,233	+114,727	+57,600	+4,583
Oct 2024	2,173,290	-41,592	+34,096	+60,553
Nov 2024	2,456,567	+229,383	+85,073	-31,179
Dec 2024	2,764,871	+373,964	-13,964	-51,695
Jan 2025	2,751,258	+119,213	-49,244	-83,582
Feb 2025	3,118,571	+526,935	-125,250	-34,371
Mar 2025	3,054,452	-83,834	+7,267	+12,447
Apr 2025	3,044,433	-107,508	+103,327	-5,838
May 2025	3,012,759	-5,459	-54,894	+28,678
Jun 2025	2,700,567	-332,908	-61,757	+82,473
Jul 2025	2,369,903	-307,618	-45,152	+22,106
Aug 2025	2,758,032	+354,029	+4,160	+29,940
Sep 2025	2,966,133	+354,078	-90,034	-55,943
Oct 2025	2,954,935	+43,156	-33,681	-20,673
Nov 2025	2,889,633	+113,297	-69,918	-108,680
Dec 2025	2,745,226	-226,355	+3,934	+78,013
Jan 2026	2,627,903	-146,507	-63,443	+92,627
Feb 2026	2,174,143	-442,013	-17,800	+6,052
Mar 2026	2,227,129	+25,851	+24,952	+2,183
Apr 2026	2,229,900	-10,614	-60,800	+74,185
May 2026	2,229,129	-135,548	+58,723	+76,054
Jun 2026	2,086,867	-94,072	-127,460	+79,270
Jul 2026	2,244,839	+449,848	-149,161	-142,715

Over the last twelve months the precio interno fell 5.3%, and the peso did most of it. The board contributed +245k COP per carga, the peso -491k and the differential +121k, for a net -125k. The three are not a ranking of importance in general — they are what each one did over this particular window, and the mix turns over.

This is the question the pass-through ratio cannot answer, which is why both are here. Pass-through is a level: how much of what the world paid reached the farm. This is an attribution of a change: of the move in what the grower was actually paid, which term delivered it. A season can move the two in opposite directions — a strengthening peso cuts the peso price while leaving the grower's share of the world price untouched, because the share is computed in a single currency and this is not.

Read it against the Brazilian pages. The same identity holds for a Brazilian bag in reais, and the arabica report carries it. Two origins can post an almost identical fall in local-currency terms out of completely different mixtures — one a currency story with a differential that cushioned it, the other a differential story the board was fighting. The headline percentage hides that; the decomposition is the only way to see it.

An identity, not a causal model — and unlike the ratio above, the conversion factor does not touch it. The three terms sum to the observed change because they are defined to; nothing here says the peso moved the differential, and in practice it often does. But the parchment-to-green factor that sets the LEVEL of the pass-through cancels exactly out of this section: 0.80 and 0.7447 return identical attributions to the last peso, because a constant scalar contributes nothing to a change. The basis term is genuinely everything between New York and the purchase point — the Colombian differential, cup and quality, and the FNC's own deductions — and it is reported as a term rather than buried as a residual. Precio interno © Federación Nacional de Cafeteros de Colombia; TRM from the Superintendencia Financiera via datos.gov.co.

Where this series connects to the other two pages. Production is the only one of these measures that Brazil and Colombia both publish promptly. Cost coverage tells you what a grower is being paid to maintain a tree; the park census tells you what the trees actually are; production is where both eventually show up. Reading the three together is the point of this series.

CONAB surveys what it costs to produce a bag in Brazil, twice a year, farm by farm. Brazil has no tree-age census — IBGE counts plants without recording age, and CONAB's formação versus produção split conflates new plantings with severe pruning. The FNC's SICA census records the age and technification of every Colombian hectare, and Colombia publishes no comparable cost survey.

Neither origin can see the whole mechanism on its own. Margin is what decides whether a tree gets fertilized; the age and condition of the park is what that decision produces, two to five years later. Brazil measures the first half and Colombia the second. That is why these three pages are built to one method and sent as one set — the comparison is the analysis, and none of them is a report about a single institution's numbers.

Park composition and area: Federación Nacional de Cafeteros de Colombia, SICA census, by department. Ex-Dock price: FNC monthly series, US cents per lb of green. COP/USD: TRM, Superintendencia Financiera / Banco de la República via datos.gov.co, expanded across each rate's validity span and averaged by calendar month. Production: FNC monthly series, 60kg green-equivalent bags. Yield is national production divided by national area and is a SoftSignal calculation, as are the technification shares and the differenced correlation test; any error in them is ours. Colombia's carga is 125kg of parchment and Brazil's saca is 60kg green — the production series above is already in 60kg green-equivalent bags as the FNC publishes it.

Colombia coffee park composition and productivity by year
Year	Young (k ha)	Aged (k ha)	Traditional (k ha)	Total (k ha)	Young %	Aged %	Yield (bags/ha)
2007	498.8	233.5	147.4	879.7	56.7	26.5	14.38
2008	534.2	210.5	133.9	878.6	60.8	24.0	13.06
2009	562.5	197.3	122.6	882.4	63.7	22.4	8.80
2010	620.7	195.5	98.2	914.4	67.9	21.4	9.76
2011	660.9	185.1	75.1	921.1	71.8	20.1	8.48
2012	705.7	169.5	55.8	931.1	75.8	18.2	8.32
2013	774.4	154.6	45.0	974.0	79.5	15.9	11.18
2014	777.2	136.6	34.7	948.5	81.9	14.4	12.80
2015	778.0	133.8	29.1	940.9	82.7	14.2	15.07
2016	772.1	133.5	26.2	931.7	82.9	14.3	15.27
2017	758.9	124.1	20.9	904.0	84.0	13.7	15.70
2018	751.0	110.3	15.8	877.1	85.6	12.6	15.46
2019	733.5	108.7	11.5	853.7	85.9	12.7	17.28
2020	700.2	134.1	10.4	844.7	82.9	15.9	16.44
2021	689.0	142.2	8.9	840.1	82.0	16.9	14.97
2022	684.9	150.2	7.3	842.4	81.3	17.8	13.16
2023	683.0	153.0	5.4	841.4	81.2	18.2	13.49
2024	678.2	155.4	4.1	837.7	81.0	18.6	16.71

Colombia precio interno, monthly, nominal COP per 125kg carga
Month	COP per carga (nominal)
2015-01	768548
2015-02	724982
2015-03	684923
2015-04	687371
2015-05	631319
2015-06	671900
2015-07	678778
2015-08	772657
2015-09	718671
2015-10	733637
2015-11	735033
2015-12	789258
2016-01	787528
2016-02	791776
2016-03	799129
2016-04	756367
2016-05	755323
2016-06	794433
2016-07	835516
2016-08	794032
2016-09	860867
2016-10	914613
2016-11	1007533
2016-12	860806
2017-01	883226
2017-02	859286
2017-03	850065
2017-04	804900
2017-05	802516
2017-06	783400
2017-07	849323
2017-08	851903
2017-09	813762
2017-10	776919
2017-11	784504
2017-12	757968
2018-01	763903
2018-02	745031
2018-03	729855
2018-04	715325
2018-05	754210
2018-06	746400
2018-07	717839
2018-08	705065
2018-09	686933
2018-10	796774
2018-11	804283
2018-12	727645
2019-01	727274
2019-02	708089
2019-03	690581
2019-04	680567
2019-05	724065
2019-06	779917
2019-07	796484
2019-08	798935
2019-09	815450
2019-10	819581
2019-11	909600
2019-12	999129
2020-01	886161
2020-02	909103
2020-03	1143194
2020-04	1175567
2020-05	1068871
2020-06	962800
2020-07	1001452
2020-08	1143968
2020-09	1142233
2020-10	1052484
2020-11	1044700
2020-12	1047677
2021-01	1073194
2021-02	1113536
2021-03	1156032
2021-04	1207433
2021-05	1385935
2021-06	1420800
2021-07	1562742
2021-08	1704806
2021-09	1712138
2021-10	1784935
2021-11	1999655
2021-12	2116484
2022-01	2148333
2022-02	2213333
2022-03	1988774
2022-04	2027448
2022-05	2096733
2022-06	2172233
2022-07	2250290
2022-08	2315548
2022-09	2398967
2022-10	2277290
2022-11	1990067
2022-12	1933032
2023-01	1838032
2023-02	2075286
2023-03	1993129
2023-04	1978900
2023-05	1895968
2023-06	1577900
2023-07	1318774
2023-08	1319097
2023-09	1285967
2023-10	1379065
2023-11	1406448
2023-12	1468258
2024-01	1423000
2024-02	1456862
2024-03	1440129
2024-04	1661933
2024-05	1596129
2024-06	1817033
2024-07	1876387
2024-08	1943323
2024-09	2120233
2024-10	2173290
2024-11	2456567
2024-12	2764871
2025-01	2751258
2025-02	3118571
2025-03	3054452
2025-04	3044433
2025-05	3012759
2025-06	2700567
2025-07	2369903
2025-08	2758032
2025-09	2966133
2025-10	2954935
2025-11	2889633
2025-12	2745226
2026-01	2627903
2026-02	2174143
2026-03	2227129
2026-04	2229900
2026-05	2229129
2026-06	2086867
2026-07	2244839

Colombia grower share of the Ex-Dock price, monthly
Month	Precio interno (USc/lb green)	Ex-Dock (USc/lb)	TRM (COP/USD)	Grower share %
1991-12	72.00	84.10	629.98	85.61
1992-01	70.43	80.75	644.06	87.22
1992-02	69.14	73.01	635.67	94.70
1992-03	67.28	74.94	640.50	89.77
1992-04	66.30	71.96	649.96	92.13
1992-05	65.31	66.60	659.77	98.07
1992-06	63.63	65.47	677.17	97.20
1992-07	57.82	63.09	704.77	91.65
1992-08	55.54	56.60	694.17	98.13
1992-09	55.28	57.08	697.50	96.84
1992-10	54.47	64.82	707.80	84.04
1992-11	53.36	71.52	722.57	74.61
1992-12	52.54	82.21	733.83	63.91
1993-01	51.74	72.47	745.18	71.39
1993-02	51.43	69.21	749.73	74.30
1993-03	50.42	69.06	764.70	73.01
1993-04	53.34	63.39	771.47	84.15
1993-05	53.47	69.30	779.45	77.15
1993-06	53.12	71.00	784.49	74.82
1993-07	52.42	79.25	795.00	66.15
1993-08	52.99	84.85	804.64	62.45
1993-09	58.82	87.88	809.69	66.93
1993-10	58.48	83.79	814.48	69.79
1993-11	58.51	85.07	813.94	68.78
1993-12	59.29	86.58	803.28	68.48
1994-01	58.39	86.22	815.74	67.72
1994-02	65.68	92.00	817.59	71.39
1994-03	66.40	92.66	819.80	71.66
1994-04	65.63	94.56	829.35	69.41
1994-05	68.86	128.71	841.41	53.50
1994-06	77.69	150.16	831.16	51.74
1994-07	94.24	227.27	818.86	41.47
1994-08	100.22	210.91	814.67	47.52
1994-09	109.71	231.88	829.76	47.31
1994-10	112.15	209.24	839.05	53.60
1994-11	111.86	188.33	829.52	59.39
1994-12	108.16	175.38	829.44	61.67
1995-01	105.65	179.48	846.32	58.87
1995-02	103.81	175.23	850.52	59.24
1995-03	102.46	187.67	865.42	54.60
1995-04	102.05	182.61	872.99	55.88
1995-05	105.29	182.71	876.76	57.63
1995-06	106.75	181.00	874.52	58.98
1995-07	102.98	169.47	892.32	60.77
1995-08	97.68	163.25	935.66	59.84
1995-09	94.87	145.41	963.37	65.25
1995-10	92.78	134.94	985.10	68.76
1995-11	91.36	133.02	1000.43	68.68
1995-12	92.59	114.34	987.12	80.98
1996-01	86.81	117.01	1010.22	74.19
1996-02	83.75	136.06	1029.09	61.55
1996-03	82.47	130.52	1044.97	63.19
1996-04	84.51	133.78	1050.70	63.17
1996-05	85.76	143.19	1065.77	59.89
1996-06	85.29	132.42	1071.61	64.41
1996-07	85.90	136.03	1063.97	63.15
1996-08	92.70	137.68	1045.03	67.33
1996-09	102.70	125.18	1040.12	82.04
1996-10	105.19	126.99	1015.46	82.84
1996-11	106.96	132.75	998.66	80.58
1996-12	101.95	126.17	1001.61	80.80
1997-01	98.09	144.82	1024.30	67.73
1997-02	113.99	184.66	1072.95	61.73
1997-03	153.27	212.75	1062.01	72.04
1997-04	148.32	215.45	1060.25	68.84
1997-05	169.39	262.92	1074.53	64.43
1997-06	172.21	247.75	1082.21	69.51
1997-07	137.14	201.06	1102.51	68.21
1997-08	131.29	204.88	1133.60	64.08
1997-09	122.39	206.63	1222.83	59.23
1997-10	117.12	177.46	1262.67	66.00
1997-11	108.99	171.28	1294.56	63.63
1997-12	117.23	184.06	1295.57	63.69
1998-01	119.34	185.01	1321.43	64.50
1998-02	124.50	189.17	1346.29	65.81
1998-03	109.24	164.94	1357.12	66.23
1998-04	111.47	160.53	1359.93	69.44
1998-05	99.59	146.14	1385.36	68.15
1998-06	98.35	135.53	1384.50	72.57
1998-07	99.20	127.25	1371.69	77.96
1998-08	97.94	138.36	1390.71	70.79
1998-09	89.32	123.65	1523.48	72.24
1998-10	87.76	121.99	1588.01	71.94
1998-11	93.11	131.16	1562.16	70.99
1998-12	93.96	130.94	1520.48	71.75
1999-01	93.59	129.44	1567.97	72.30
1999-02	90.47	120.30	1566.85	75.20
1999-03	91.50	120.80	1549.20	75.74
1999-04	90.25	117.19	1570.63	77.01
1999-05	87.92	127.71	1642.18	68.85
1999-06	88.49	124.55	1691.61	71.05
1999-07	82.49	111.95	1814.65	73.68
1999-08	79.66	107.54	1879.00	74.08
1999-09	75.75	102.92	1975.96	73.60
1999-10	75.65	105.77	1978.55	71.53
1999-11	84.55	123.11	1945.43	68.68
1999-12	96.76	138.19	1887.47	70.02
2000-01	87.65	126.56	1921.89	69.26
2000-02	82.42	119.87	1949.87	68.76
2000-03	83.47	117.69	1956.31	70.93
2000-04	79.30	109.77	1987.95	72.24
2000-05	78.06	111.84	2055.53	69.80
2000-06	73.12	102.40	2119.75	71.40
2000-07	72.48	103.78	2160.24	69.84
2000-08	68.46	90.77	2187.27	75.42
2000-09	67.60	91.94	2214.14	73.53
2000-10	68.77	91.68	2176.57	75.01
2000-11	70.10	82.25	2135.29	85.23
2000-12	68.43	78.94	2187.34	86.69
2001-01	65.07	76.97	2242.31	84.54
2001-02	58.94	73.75	2243.59	79.92
2001-03	59.13	74.25	2279.40	79.64
2001-04	61.18	76.11	2323.19	80.38
2001-05	65.67	81.36	2348.00	80.72
2001-06	58.00	72.03	2304.78	80.52
2001-07	55.15	69.28	2304.42	79.60
2001-08	56.25	70.17	2288.00	80.16
2001-09	56.04	70.16	2327.74	79.87
2001-10	50.99	63.14	2320.00	80.75
2001-11	53.98	62.45	2310.34	86.44
2001-12	53.10	62.40	2306.13	85.09
2002-01	55.08	62.46	2276.97	88.18
2002-02	53.77	60.74	2285.96	88.52
2002-03	59.05	68.60	2280.25	86.08
2002-04	61.70	68.28	2263.60	90.36
2002-05	55.89	65.70	2308.60	85.06
2002-06	53.38	61.48	2361.14	86.82
2002-07	47.93	60.89	2506.29	78.71
2002-08	44.61	56.92	2645.80	78.37
2002-09	49.76	64.10	2755.75	77.62
2002-10	49.96	67.85	2830.11	73.64
2002-11	53.56	70.02	2731.33	76.49
2002-12	46.05	65.61	2814.19	70.18
2003-01	50.56	67.03	2905.50	75.43
2003-02	49.33	67.01	2950.54	73.61
2003-03	45.93	62.83	2958.64	73.11
2003-04	48.46	65.08	2925.66	74.47
2003-05	49.90	66.16	2856.17	75.43
2003-06	46.60	61.74	2827.41	75.48
2003-07	50.66	64.59	2859.20	78.44
2003-08	47.61	65.85	2865.23	72.30
2003-09	49.28	67.65	2840.68	72.84
2003-10	46.75	66.10	2873.95	70.74
2003-11	47.57	64.96	2846.54	73.23
2003-12	49.22	66.51	2806.55	74.01
2004-01	55.14	71.32	2750.82	77.31
2004-02	55.88	76.59	2718.25	72.96
2004-03	58.19	78.26	2670.92	74.36
2004-04	56.19	75.66	2641.57	74.27
2004-05	57.75	76.24	2719.52	75.74
2004-06	63.35	83.31	2716.46	76.05
2004-07	54.80	77.32	2651.13	70.88
2004-08	55.47	74.79	2599.37	74.17
2004-09	62.44	80.35	2553.42	77.72
2004-10	61.71	83.34	2580.24	74.04
2004-11	69.58	90.88	2530.16	76.56
2004-12	79.47	104.89	2413.29	75.76
2005-01	80.12	107.88	2364.52	74.27
2005-02	93.90	119.38	2339.62	78.65
2005-03	107.51	135.56	2356.81	79.31
2005-04	100.12	129.00	2351.02	77.61
2005-05	97.56	130.19	2339.35	74.94
2005-06	90.32	123.67	2331.44	73.03
2005-07	80.99	112.32	2322.79	72.10
2005-08	80.79	109.75	2306.77	73.61
2005-09	75.76	102.81	2295.47	73.69
2005-10	85.15	104.68	2292.72	81.35
2005-11	89.67	109.14	2279.74	82.16
2005-12	89.16	107.12	2278.54	83.24
2006-01	104.78	124.30	2273.71	84.29
2006-02	95.75	123.04	2255.77	77.82
2006-03	89.29	116.94	2261.92	76.35
2006-04	90.90	117.42	2335.14	77.41
2006-05	85.87	113.79	2418.65	75.47
2006-06	80.18	106.13	2542.22	75.55
2006-07	81.52	107.62	2513.70	75.74
2006-08	87.53	113.38	2388.98	77.21
2006-09	83.55	112.96	2398.71	73.96
2006-10	82.41	112.29	2361.80	73.40
2006-11	94.20	122.23	2290.44	77.07
2006-12	102.30	131.61	2260.71	77.73
2007-01	96.84	127.17	2236.20	76.15
2007-02	95.97	123.85	2227.57	77.49
2007-03	90.68	119.49	2202.84	75.89
2007-04	89.82	116.96	2144.90	76.79
2007-05	91.91	114.91	2009.42	79.98
2007-06	100.35	120.63	1923.53	83.19
2007-07	97.11	120.83	1951.84	80.37
2007-08	99.27	125.05	2056.09	79.38
2007-09	103.80	129.06	2113.37	80.43
2007-10	112.52	137.10	2001.09	82.08
2007-11	108.51	132.62	2046.36	81.82
2007-12	113.88	139.77	2013.83	81.48
2008-01	114.71	142.25	1983.18	80.64
2008-02	129.58	155.18	1905.29	83.50
2008-03	121.56	157.10	1843.49	77.38
2008-04	111.16	141.51	1795.10	78.55
2008-05	111.17	143.72	1775.16	77.36
2008-06	119.17	146.78	1732.29	81.19
2008-07	118.12	153.34	1781.05	77.03
2008-08	122.74	150.13	1847.48	81.76
2008-09	119.07	150.28	2066.19	79.23
2008-10	102.23	133.29	2288.86	76.70
2008-11	101.83	129.87	2333.66	78.41
2008-12	102.59	131.42	2251.51	78.06
2009-01	114.88	139.17	2253.51	82.55
2009-02	115.30	145.22	2512.34	79.40
2009-03	121.29	151.36	2469.63	80.14
2009-04	146.20	177.39	2374.61	82.42
2009-05	170.09	206.06	2227.32	82.54
2009-06	144.68	200.91	2089.46	72.01
2009-07	142.17	186.97	2049.24	76.04
2009-08	151.19	187.86	2017.62	80.48
2009-09	140.75	178.01	1978.03	79.07
2009-10	134.95	177.52	1901.40	76.02
2009-11	135.74	177.49	1976.88	76.48
2009-12	151.30	191.17	2018.01	79.14
2010-01	163.91	204.67	1983.43	80.08
2010-02	157.69	205.19	1951.72	76.85
2010-03	163.54	205.55	1908.99	79.56
2010-04	154.56	201.94	1937.45	76.54
2010-05	154.80	199.37	1983.59	77.64
2010-06	176.62	219.27	1926.85	80.55
2010-07	196.17	235.58	1874.41	83.27
2010-08	207.92	243.69	1821.20	85.32
2010-09	201.36	248.52	1805.77	81.02
2010-10	188.40	230.83	1808.61	81.62
2010-11	192.42	243.90	1862.99	78.89
2010-12	211.56	256.60	1922.33	82.45
2011-01	230.39	279.36	1867.08	82.47
2011-02	246.83	294.56	1882.37	83.80
2011-03	260.08	301.11	1881.81	86.38
2011-04	268.40	308.55	1809.83	86.99
2011-05	257.42	306.95	1800.51	83.86
2011-06	245.50	288.57	1783.16	85.07
2011-07	239.84	286.76	1761.59	83.64
2011-08	244.65	281.80	1785.56	86.82
2011-09	241.40	296.13	1833.32	81.52
2011-10	216.16	258.24	1907.61	83.70
2011-11	218.73	256.94	1919.47	85.13
2011-12	210.66	252.74	1933.35	83.35
2012-01	214.12	256.12	1853.28	83.60
2012-02	210.22	246.30	1782.75	85.35
2012-03	186.84	226.07	1766.33	82.65
2012-04	179.73	215.29	1774.25	83.48
2012-05	169.55	209.51	1793.28	80.93
2012-06	149.93	185.88	1792.55	80.66
2012-07	164.80	200.92	1783.82	82.02
2012-08	153.65	188.58	1805.52	81.48
2012-09	156.86	189.28	1802.75	82.87
2012-10	148.18	183.16	1804.40	80.90
2012-11	134.18	171.10	1821.01	78.42
2012-12	131.91	166.05	1792.49	79.44
2013-01	135.33	168.83	1769.67	80.16
2013-02	127.78	162.53	1790.55	78.62
2013-03	128.17	161.75	1813.75	79.24
2013-04	127.77	162.19	1830.23	78.78
2013-05	125.43	160.00	1847.92	78.39
2013-06	113.16	148.42	1909.85	76.24
2013-07	111.45	147.53	1901.54	75.54
2013-08	107.82	144.29	1902.10	74.72
2013-09	102.93	139.12	1919.51	73.98
2013-10	97.98	135.17	1885.13	72.49
2013-11	90.83	125.36	1921.75	72.45
2013-12	94.25	125.92	1932.96	74.85
2014-01	99.57	131.97	1957.29	75.45
2014-02	134.02	159.68	2038.49	83.93
2014-03	170.40	210.15	2019.71	81.09
2014-04	186.47	216.08	1938.36	86.29
2014-05	176.17	216.42	1915.36	81.40
2014-06	159.83	195.87	1887.04	81.60
2014-07	157.41	193.03	1857.64	81.55
2014-08	171.01	210.41	1898.13	81.28
2014-09	164.48	208.09	1973.72	79.04
2014-10	178.45	223.10	2048.57	79.99
2014-11	164.41	206.74	2128.68	79.52
2014-12	151.39	193.33	2342.25	78.31
2015-01	145.42	185.31	2397.26	78.47
2015-02	135.85	177.09	2420.67	76.71
2015-03	120.17	155.88	2585.36	77.09
2015-04	124.45	156.46	2505.25	79.54
2015-05	117.48	152.33	2437.54	77.12
2015-06	118.94	151.13	2562.48	78.70
2015-07	112.70	145.92	2732.04	77.23
2015-08	116.34	147.13	3012.59	79.07
2015-09	106.31	136.42	3066.41	77.93
2015-10	113.59	142.78	2929.47	79.56
2015-11	111.08	138.40	3001.38	80.26
2015-12	110.35	139.69	3244.20	79.00
2016-01	109.23	136.43	3270.20	80.07
2016-02	107.05	137.19	3354.96	78.03
2016-03	115.85	144.37	3128.79	80.25
2016-04	114.45	144.55	2997.73	79.18
2016-05	114.45	144.58	2993.51	79.16
2016-06	120.40	153.94	2992.86	78.21
2016-07	127.99	164.04	2961.00	78.03
2016-08	121.98	160.73	2952.77	75.89
2016-09	133.53	167.62	2924.27	79.67
2016-10	141.62	170.55	2929.39	83.04
2016-11	146.94	179.78	3110.26	81.73
2016-12	129.73	160.92	3009.86	80.62
2017-01	136.20	163.71	2941.40	83.20
2017-02	135.36	164.81	2879.57	82.13
2017-03	131.05	159.23	2942.29	82.30
2017-04	126.87	156.00	2877.82	81.32
2017-05	124.51	151.24	2923.61	82.33
2017-06	120.17	146.86	2957.10	81.82
2017-07	126.87	150.91	3036.58	84.07
2017-08	129.97	156.46	2973.20	83.07
2017-09	126.54	151.57	2917.09	83.48
2017-10	119.31	145.01	2953.76	82.28
2017-11	118.08	143.85	3013.47	82.09
2017-12	114.92	142.51	2991.76	80.64
2018-01	120.79	143.48	2868.57	84.19
2018-02	118.15	142.35	2860.25	83.00
2018-03	116.24	139.79	2847.93	83.16
2018-04	117.29	139.00	2766.28	84.39
2018-05	119.54	140.50	2861.83	85.08
2018-06	117.16	139.17	2889.69	84.18
2018-07	112.85	134.85	2885.32	83.69
2018-08	108.09	130.99	2958.67	82.52
2018-09	102.71	126.53	3033.77	81.17
2018-10	117.16	138.80	3084.83	84.40
2018-11	114.22	140.75	3194.03	81.15
2018-12	102.55	129.62	3218.55	79.11
2019-01	104.22	128.68	3165.19	81.00
2019-02	103.08	128.97	3115.84	79.93
2019-03	100.12	125.47	3128.68	79.80
2019-04	97.82	124.07	3155.76	78.84
2019-05	99.39	123.13	3304.49	80.72
2019-06	108.50	132.77	3260.52	81.72
2019-07	112.67	138.41	3206.60	81.40
2019-08	106.25	129.89	3410.73	81.80
2019-09	108.81	131.35	3399.46	82.83
2019-10	108.28	131.88	3433.31	82.11
2019-11	121.30	143.52	3401.47	84.52
2019-12	134.16	160.17	3378.05	83.76
2020-01	121.39	150.80	3311.19	80.50
2020-02	120.89	144.13	3411.05	83.88
2020-03	133.75	157.31	3877.05	85.02
2020-04	134.06	164.62	3977.39	81.44
2020-05	125.66	155.82	3858.19	80.65
2020-06	117.98	149.24	3701.60	79.06
2020-07	124.18	151.29	3657.87	82.08
2020-08	137.16	167.63	3783.03	81.82
2020-09	138.15	169.84	3750.22	81.34
2020-10	124.52	156.75	3833.79	79.44
2020-11	128.57	161.60	3685.63	79.56
2020-12	137.10	169.99	3466.13	80.65
2021-01	139.43	175.24	3491.32	79.56
2021-02	142.10	177.28	3554.50	80.16
2021-03	145.14	179.15	3612.77	81.02
2021-04	150.02	181.68	3650.78	82.57
2021-05	168.28	196.26	3735.67	85.75
2021-06	174.89	206.11	3685.04	84.85
2021-07	185.11	214.44	3829.42	86.32
2021-08	199.24	226.90	3881.18	87.81
2021-09	203.22	238.32	3821.54	85.27
2021-10	214.56	257.13	3773.38	83.45
2021-11	232.40	273.64	3902.90	84.93
2021-12	242.24	291.95	3963.13	82.97
2022-01	243.64	293.20	3999.62	83.10
2022-02	255.08	305.52	3935.84	83.49
2022-03	236.95	287.91	3807.17	82.30
2022-04	242.46	292.58	3792.98	82.87
2022-05	236.64	285.19	4019.08	82.98
2022-06	250.67	301.24	3930.77	83.21
2022-07	233.69	286.99	4367.81	81.43
2022-08	242.99	292.52	4322.47	83.07
2022-09	245.43	296.46	4433.65	82.79
2022-10	219.23	269.49	4711.83	81.35
2022-11	183.22	225.10	4926.66	81.40
2022-12	183.11	223.89	4788.49	81.78
2023-01	176.81	218.24	4715.20	81.02
2023-02	195.98	237.04	4803.11	82.68
2023-03	189.68	228.24	4766.31	83.10
2023-04	197.60	232.37	4542.67	85.04
2023-05	189.42	229.08	4540.09	82.69
2023-06	170.04	215.44	4209.27	78.93
2023-07	147.00	190.33	4069.23	77.23
2023-08	146.98	188.71	4070.73	77.89
2023-09	145.66	186.00	4004.52	78.31
2023-10	148.15	184.97	4222.43	80.09
2023-11	157.96	194.46	4038.80	81.23
2023-12	168.68	206.92	3948.21	81.52
2024-01	164.86	206.56	3915.20	79.81
2024-02	168.09	210.13	3931.44	79.99
2024-03	167.52	207.55	3899.34	80.72
2024-04	194.89	237.31	3867.98	82.13
2024-05	187.12	232.35	3869.10	80.53
2024-06	203.87	249.94	4042.80	81.57
2024-07	210.83	257.98	4036.92	81.72
2024-08	216.82	261.00	4065.55	83.07
2024-09	229.94	276.25	4182.51	83.24
2024-10	231.98	280.04	4249.47	82.84
2024-11	252.75	293.94	4408.65	85.99
2024-12	285.99	340.52	4385.15	83.99
2025-01	289.71	345.95	4307.57	83.74
2025-02	342.68	408.11	4127.95	83.97
2025-03	334.84	404.08	4137.68	82.87
2025-04	322.63	390.21	4280.26	82.68
2025-05	325.11	401.82	4203.38	80.91
2025-06	297.79	366.97	4113.48	81.15
2025-07	266.03	323.66	4040.85	82.19
2025-08	309.09	352.68	4047.41	87.64
2025-09	343.02	406.15	3922.21	84.46
2025-10	345.64	401.70	3877.84	86.04
2025-11	346.18	407.65	3786.18	84.92
2025-12	328.42	384.99	3791.47	85.31
2026-01	321.90	371.86	3703.00	86.56
2026-02	268.30	337.18	3675.64	79.57
2026-03	271.74	335.20	3717.56	81.07
2026-04	279.60	335.11	3617.52	83.43
2026-05	272.24	325.05	3714.02	83.75
2026-06	270.38	319.37	3500.98	84.66
2026-07	311.49	378.19	3268.95	82.36