16 November 1999
Weather boosts Brazil coffee futures
FEARS that dry weather has seriously damaged the coffee crop in Brazil, the worlds largest producer, has sent coffee futures rocketing.
Premium-quality arabica coffee in New York rose 55¢ in early trading to 127¢/lb, 40% more than its price at the beginning of the month.
Brazil had been target for a record harvest of 45m 60kg bags. Some producers have put the harvest at only 25m – which would put world supplies in deficit.