By Carlos Caminada Bloomberg June 1, 2007 Brazil, the world's biggest coffee producer, will give arabica growers a subsidy of as much as 40 reais ($21) a bag after a rally in the local currency eroded export profits. The government will guarantee that growers receive 300 reais per 60-kilogram bag of arabica coffee, the Agriculture Ministry said in a statement. Brazil will hold auctions twice a month between growers and buyers and plans to subsidize as many as 5 million bags through the end of the harvest in October. Brazil's offer to support prices, its first since 2002, comes one day after Colombia, the world's second-biggest arabica producer, said it would aid farmers to counter a currency rally. Colombia's peso and Brazil's real are the world's best- performing currencies against the dollar in the past six months. ``Producer profits are really narrow because of the exchange rate,'' said Joao Antonio Lian, head of Sumatra Cafes Brasil, Brazil's thi...