A Stuff article.
Arabica coffee futures are hitting fresh highs and extending a dramatic rally with more crop-destroying cold temperatures heading to Brazil, the world’s top grower.
Prices for the high-end beans favoured by Starbucksand other cafe chains have surged more than 30 per cent in a week, and will eventually top US$3 a pound, according to Judy Ganes, a consultant with decades of experience in the industry. The last time prices topped $3 was in 2011.
Those sky-high prices are because coffee trees in Brazil were weakened by a drought and then pummelled by two frosts in less than a month.