{"id":50033,"date":"2014-04-23T07:54:41","date_gmt":"2014-04-23T11:54:41","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=50033"},"modified":"2014-04-23T07:54:41","modified_gmt":"2014-04-23T11:54:41","slug":"coffee-prices-surge-to-26-month-high","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2014\/04\/23\/coffee-prices-surge-to-26-month-high\/","title":{"rendered":"Coffee Prices Surge To 26-Month High"},"content":{"rendered":"

By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

The coffee market continues to see gains as prices jumped to its highest in over two years on Tuesday, following the drought damage in Brazil which prompted Volcafe to reduce its outlook for coffee in Brazil. Brazil produces and exports over one-third of the world\u2019s coffee and more than half of the world\u2019s Arabica beans.<\/span><\/p>\n

The forecast made by Volcafe, a unit of commodity trader ED&F Man Holding Ltd, was an indication that Brazil\u2019s worst drought in decades damaged coffee trees earlier this year and Arabica beans production is expected to be 18% lower than estimated, according to a report. Coffee futures climbed 8.3% higher, boosting volatility to the highest since 2000.<\/p>\n

\u201cPeople are realizing every day that there\u2019s damage, and that the losses will be hard to quantify,\u201d Hernando de la Roche, a senior vice president at INTL FCStone, said in a telephone interview. \u201cTraders are jittery because of the uncertainty about the Brazilian harvest and what it would mean to world supplies.\u201d<\/p>\n

Arabica-coffee for July delivery climbed 7.1% to $2.134 a pound on Tuesday on the ICE Futures US exchanged, the highest since February 2012.<\/p>\n

Global harvest is expected to drop by 11 million bags 60-kilogram bags of coffee beans this season, according to estimates made by Volcafe. Volcafe also cut its crop outlook for this year by 11% from its January estimates.<\/p>\n

The Arabica premium to robusta climbed 13% higher to $1.1561 a pound, the highest since February 2012, while Robusta rose 0.9% to $2,156 a metric ton on NYSE Liffe in London at the time of writing.<\/p>\n

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The post Coffee Prices Surge To 26-Month High<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n

Article provided by HY Markets Forex Blog<\/a><\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog The coffee market continues to see gains as prices jumped to its highest in over two years on Tuesday, following the drought damage in Brazil which prompted Volcafe to reduce its outlook for coffee in Brazil. Brazil produces and exports over one-third of the world\u2019s coffee and more than half … <\/p>\n

Continue reading “Coffee Prices Surge To 26-Month High”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-50033","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/50033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=50033"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/50033\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=50033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=50033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=50033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}