Coffee Prices Soar After Bad Harvests And Insatiable Demand
By : Will Horner and Jeffrey T. Lewis
Source : Wall Street Journal
Global coffee prices are climbing and threatening to drive up costs at the breakfast table as the world’s biggest coffee producer, Brazil, faces one of its worst droughts in almost a century.
Prices for arabica coffee beans—the main variety produced in Brazil—hit their highest level since 2016 last month. New York-traded arabica futures have risen over 18% in the past three months to $1.51 a pound. London-traded robusta—a stronger-tasting variety favored in instant coffee—has risen over 30% in the past three months, to $1,749 a metric ton, a two-year high.