Starbucks and Green Mountain blends surge on world market
Coffee may reach $2.10 a pound in New York this week, extending its rally to the highest level in 13 years.
The mild-tasting arabica variety used by Starbucks and Green Mountain Coffee Roasters has climbed 46 percent this year on concern unfavorable weather in Central and South America and shipment delays in Brazil’s Santos Port will curb supplies.
“Recently both Brazil and Costa Rica cut their crop estimates while Colombia and Central America have struggled with unexpected rain,” said a broker. “This may exacerbate a potential worldwide production shortfall.”
Original source: Bloomberg