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LatinNews Daily - 18 August 2021

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In brief: Aid approved for Brazil’s coffee producers

* Brazil’s national monetary council (CMN) has approved R$1.32bn (US$249m) in aid for the country’s coffee producers whose crops have been impacted by recent frosts. Upon the recommendation of the agriculture ministry, this sum has been frozen within two credit lines which are part of the Fundo de Defesa da Economia Cafeeira (Funcafé) government fund and will be redirected to affected coffee producers in coming months, distributed according to the level of damages and losses suffered. Unusually cold weather swept across the south of Brazil last month, with frosts damaging an estimated 200,000 hectares of coffee crops in the states of Minas Gerais, São Paulo, and Paraná, affecting prospects for the 2022 harvest and driving up global coffee prices.