Coffee futures hit 13-year high in New York on concern over Costa Rica harvest

Coffee futures rallied to a 13-year high in New York on concern that global supply will be tight.

Costa Rica lowered its output estimate by 3.5 percent for the season that began this month.

“First Brazil and now Costa Rica, everyone is lowering their estimates,” said Tom Mikulski, a senior market strategist at Lind-Waldock, a broker in Chicago. “People are concerned about the supply of better-quality coffee.”

Original source: Bloomberg