Coffee Gets Even Pricier as Arabica Jumps to Highest Since 1977 [BNN Bloomberg (Canada)]
NESTLE S.A S/ADR (NSRGY)
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Source: BNN 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 packs smaller to blunt the impact of more expensive beans. Arabica was last up 2.3% at $3.158 a pound in New York. Robusta coffee futures in London have also soared this year, rising about 85%. The increased costs o
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