Grupo Nutresa SA, Colombia’s biggest food producer, fell to a three-month low after Colombia trimmed its forecast for coffee production this year by 5.9 percent following rainstorms.
Nutresa shares fell 0.8 percent to 21,480 pesos at 4 p.m. Bogota time, the lowest price since Aug. 10.
“Falling coffee production could cut margins for Nutresa’s biggest export product,” said Jorge Zuniga, an analyst at Bogota-based brokerage Interbolsa SA. “That may be why shares are falling.”
Coffee accounted for 17 percent of Nutresa’s income in the first nine months of this year, according to financial results on the company’s website.