Robusta coffee hits record high, cocoa also climbs; lack of sales from Brazil causes surge
economictimes.indiatimes.com
Vietnam and Indonesia, some of the top-producing coffee countries, are experiencing extreme weather that could worsen a shortage of robusta beans. This has pushed robusta coffee prices to a record high, making it more expensive for buyers to obtain cheap beans, Bloomberg reported. A confirmed El Niño ahead of a Northern Hemisphere summer could worsen the shortage and perhaps explain why prices are skyrocketing.
Just weeks ago, "Robusta Prices Hit 12-Year High As El Niño Threat Sparks Shortage Fears," and fast forward to Friday, robusta bean prices per ton have jumped to $2,790, the highest since the contract started trading 15 years ago.
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Due to dwindling supplies, prices have surged more than 50% since the start of the year. Also, the anticipated El Niño weather pattern, which is now confirmed, has supported |
