Coffee Surges to 7-Year Highs With More Cold Headed for Brazil

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 favored by Starbucks Corp. and other cafe chains have surged more than 30% in a week, and will eventually top $3 a pound, according to Judy Ganes, a consultant with decades of experience in the industry. The last time coffee hit that level was in 2011.