Coffee Prices Soar to Highest in a Decade as Stockpiles Slide
- Dwindling reserves are pushing up prices of high-end beans
- New signs of tight supplies come as global food costs jump
Prices rose as much as 1.8% to $2.53 a pound on Wednesday.
Photographer: Jonne Roriz/BloombergThis article is for subscribers only.
Coffee futures reached the highest in ten years in New York amid mounting concerns over tight supplies.
Arabica prices have more than doubled over the past year following dry weather in Brazil, supply chain turmoil and freight costs. To tackle short supply, roasters have tapped inventories and sent stockpiles monitored by the ICE Futures U.S. exchange to the lowest in 22 years.