FULL ENGLISH ARTICLE · 9527’S PERSPECTIVE
9527’s take: with less of the bidding frenzy seen in 2025, the 2026 Best of Panama (BOP) headline price looks a little more grounded. That does not mean the auction has lost its influence. Total sales still rose by about 6%, while the overall average reached roughly USD 4,055 per kilogram.
In 2025, Hacienda La Esmeralda stood in a class of its own. In 2026, Elida, Lérida and Esmeralda together accounted for eight lots: 16% of the 50 lots on offer, but 35.5% of total sales value.
An English edition of 9527’s commentary and accompanying charts. Prices below are auction results for green coffee, not retail coffee prices. Amounts and percentages are rounded as shown in the source report.
The bigger picture: a lower peak, a higher average
| Measure | 2025 | 2026 | Change |
|---|---|---|---|
| Total sales (USD million) | 2.8612 | 3.0419 | +6.3% |
| Average price (USD/kg) | 2,861.20 | 4,055.92 | +41.8% |
| Highest price (USD/kg) | 30,204 | 18,004 | −40.4% |
| Median price (USD/kg) | 1,093 | 2,834.5 | +159.3% |
| Weight per lot (kg) | 20 | 15 | −25% |
| Number of lots | 50 | 50 | Unchanged |
The lot size matters: both auctions had 50 lots, but each lot fell from 20 kg to 15 kg. The rise in the average price per kilogram is therefore not the same measure as the increase in total sales value.
| Category | 2025 | 2026 | Change |
|---|---|---|---|
| GW · Washed Geisha | 3,542.80 | 4,629.10 | +30.7% |
| GN · Natural Geisha | 2,973.40 | 4,538.25 | +52.6% |
| V · Non-Geisha varietals | 1,273.60 | 1,944.90 | +52.7% |
View original chart · Chinese
Where the money went—and who was buying
| Category | Sales (USD million) | Share |
|---|---|---|
| GW · Washed Geisha | 1.3887 | 45.65% |
| GN · Natural Geisha | 1.3615 | 44.76% |
| V · Non-Geisha varietals | 0.2917 | 9.59% |
Washed and natural Geisha together accounted for 90.41% of total sales value.
| Buyer location / grouping | Value (USD million) | Share |
|---|---|---|
| China (Mainland, Hong Kong, Macao and Taiwan) | 1.1337 | 40.52% |
| Japan | 0.5196 | 18.57% |
| United Arab Emirates | 0.3925 | 14.03% |
| South Korea | 0.2927 | 10.46% |
| United States | 0.1490 | 5.33% |
| Panama | 0.0561 | 2.01% |
| Cross-border consortia | 0.2541 | 9.08% |
Denominator: USD 2.7978 million with confirmed buyer attribution, not the full USD 3.0419 million auction total. Cross-border consortium lots are counted separately in full. These figures describe the reported buyers, not necessarily the final consumers or destinations.
The concentration of buying power in Asia is striking. Let’s look at the three categories in more detail.
View original chart · Chinese
GW: the washed champion’s premium narrows
Elida’s Torre led at USD 18,004/kg. The original commentary identifies Grand Cru as bidding on behalf of JD.com; the chart lists JD.com as the buyer. That price was 40.4% below Esmeralda’s USD 30,204/kg in 2025. Esmeralda and El Pergamino followed at USD 10,014 and USD 9,936/kg.
Yet the washed category average rose 30.7% to USD 4,629.10/kg, and its median rose 110.5% to USD 2,861/kg. More of the budget reached the other lots. Washed remained the most expensive category by average price, but its lead over natural narrowed from 19.2% to just 2.0%.
| 2026 measure | USD/kg | Year-on-year change |
|---|---|---|
| Average | 4,629.10 | +30.7% |
| Median | 2,861 | +110.5% |
| Highest price | 18,004 | −40.4% |
Top five by price per kilogram. Each 2026 lot weighs 15 kg; scores are the reported official cupping scores.
Elida · Torre
USD 18,004 / kgGeisha · Washed
Tasting notes: Jasmine, lemongrass, citrus
Buyer: JD.com · Mainland China
Hacienda La Esmeralda · Tumaco Washed
USD 10,014 / kgGeisha · Washed
Tasting notes: Blueberry, jasmine, lemongrass
Buyer: AMBER COFFEE · Hong Kong, China
El Pergamino · Holy Bean
USD 9,936 / kgGeisha · Washed
Tasting notes: Jasmine, honey, peach
Buyer: George Howell Coffee · United States
Umbra · Eclipse
USD 6,500 / kgGeisha · Washed / mechanically demucilaged
Tasting notes: Jasmine, orange blossom, brown sugar
Buyer: Definitive. Panama Coffee Studio · Japan
Los Cenizos · Stellar Amber
USD 6,005 / kgGeisha · Washed
Tasting notes: Jasmine, white grape, bergamot
Buyer: RULI / Ryubeans / Coffee Me Up · South Korean consortium
| Lot | Code | USD/kg |
|---|---|---|
| Esmeralda · Washed | GW-01 | 30,204 |
| Sophia · Olympus | GW-02 | 7,163 |
| Mount Totumas · After The Rain | GW-04 | 6,105 |
| Nuguo · Washed | GW-03 | 5,108 |
| Los Cenizos · Stellar Amber | GW-06 | 4,602 |
View original chart · Chinese
GN: Lérida’s Waterfall takes the top price
Lérida’s Waterfall led the natural category at USD 13,505/kg, followed by Esmeralda at USD 10,024 and Elida at USD 10,008. The category average rose 52.6% to USD 4,538.25/kg.
The median reached USD 3,255.5/kg—above the washed category’s USD 2,861. Some lots listed in the natural category use additional fermentation processes; they should not all be treated as conventional naturals.
| 2026 measure | USD/kg | Year-on-year change |
|---|---|---|
| Average | 4,538.25 | +52.6% |
| Median | 3,255.5 | +192.1% |
| Highest price | 13,505 | −42.8% |
Lérida · Waterfall
USD 13,505 / kgGeisha · Natural / low-temperature fermentation
Tasting notes: Jasmine, citrus, peach
Buyer: RULI / Ryubeans · South Korean consortium
Hacienda La Esmeralda · Tumaco Natural
USD 10,024 / kgGeisha · Natural
Tasting notes: Strawberry, jasmine, peach
Buyer: SAZA COFFEE · Japan
Elida · Vuelta
USD 10,008 / kgGeisha · Natural
Tasting notes: Blueberry, jasmine, ripe plum
Buyer: The Espresso Lab · United Arab Emirates
Los Cenizos · Uniquely Cenizos
USD 6,205 / kgGeisha · Natural with fermentation
Tasting notes: Strawberry, lychee, rose
Buyer: GESHARY COFFEE · Japan
Nuguo · Nuguo Natural
USD 6,012 / kgGeisha · Natural with fermentation
Tasting notes: Blueberry, peach, cherry
Buyer: Grand Cru · Mainland China and Hong Kong
| Lot | Code | USD/kg |
|---|---|---|
| Esmeralda · Natural | GN-01 | 23,608 |
| Los Cenizos · Uniquely Cenizos | GN-02 | 6,077 |
| Sophia · La Roca | GN-03 | 5,105 |
| Lérida · Mariantonella | GN-04 | 4,604 |
| Mount Totumas · Kapwa | GN-14 | 3,346 |
View original chart · Chinese
V: Esmeralda’s Laurina leads on price again
Esmeralda’s Laurina again achieved the highest price in the varietals category, at USD 4,216/kg. The comparison chart records USD 8,040/kg in 2025, a decline of 47.6%. Altieri’s Mimas Gold followed at USD 3,559, then Black Moon’s Chiroso lot, Constellation, at USD 2,709.
The category average rose 52.7% to USD 1,944.90/kg. V means non-Geisha varietals, not a blend category. Laurina led on price, while Mimas Gold had the higher cupping score: price rank and cup-score rank are not the same thing.
| 2026 measure | USD/kg | Year-on-year change |
|---|---|---|
| Average | 1,944.90 | +52.7% |
| Median | 1,432.5 | +255.0% |
| Highest price | 4,216 | −47.6% |
Hacienda La Esmeralda · Laurina
USD 4,216 / kgLaurina (Bourbon Pointu) · Anaerobic natural with pre-drying
Tasting notes: Pineapple, lavender, lychee
Buyer: Cooway · Mainland China
Altieri · Mimas Gold
USD 3,559 / kgWild germplasm selection · DFC fermented natural
Tasting notes: No tasting notes listed in the source chart
Buyer: The Espresso Lab × Cherry House · United Arab Emirates
Black Moon · Constellation
USD 2,709 / kgChiroso · Yeast-inoculated anaerobic fermented natural
Tasting notes: Raspberry, blueberry, caramel
Buyer: The Espresso Lab × Cherry House · United Arab Emirates
Kotowa · Duncan
USD 2,207 / kgChakira · Natural
Tasting notes: Rose, lavender, grape
Buyer: Ecofarm · Mainland China
Feryen Estate · SL-28
USD 1,565 / kgSL-28 · Natural
Tasting notes: Black cherry, citrus, grape
Buyer: an unoriginal coffee lab × Julith · Consortium; location unconfirmed
| Lot | Code | USD/kg |
|---|---|---|
| Esmeralda · Laurina | V-01 | 8,040 |
| Black Moon · Chiroso | V-02 | 1,330 |
| Don Benjie · SL-28 | V-05 | 524 |
| Feryen Estate · Pacamara Y88 | V-03 | 441 |
| Mil Cumbres · Sidra Pentagon | V-07 | 404 |
View original chart · Chinese
Source: Home Coffee 9527’s original commentary and charts, compiled from BOP auction results. The English data tables retain the chart precision rather than the rounded figures used in the short commentary. The commentary reflects 9527’s editorial view.
Read the original · Chinese