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The parametric insurance policies cover higher-than-expected rain and drought during the periods of the year when coffee beans are young and most susceptible to weather shocks.

The barista competition and World of Coffee trade show will take place from June 21-23 in the Netherlands.

The National Federation of Coffee Growers of Colombia cited good weather conditions for the higher yield.

"We Colombians also have a right to drink quality coffee," said Andres Restrepo of Santo Kaffeto café.