Coffee Gets Even Pricier as Arabica Jumps to Highest Since 1977 [Yahoo! Finance Canada]
NESTLE S.A S/ADR (NSRGY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- Coffee futures extended their rampant rally to the highest in more than four decades in New York on global supply worries, threatening to further raise costs for consumers. Most Read from Bloomberg Arabica beans — the variety favored for specialty brews — climbed as much as 3.1%, hitting the highest since 1977. They've jumped almost 70% this year. A severe drought earlier this year in Brazil has fueled worries about the country's output. That comes on top of concerns about bean supplies from Vietnam, after a key coffee belt was hit by dryness during the growing period and heavy rains arrived at the start of harvest. The countries are the two biggest global growers. The move is set to add to the pain facing cafes and roasters, ultimately boosting costs to consumers. Along the supply chain, sellers have raised prices and scrapped discounts to protect their margins. Nestle SA, the world's biggest coffee maker, said in November that it will raise prices and make pa
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