Commodities
Coffee Prices Heading Up as Folgers’ Owner Faces Higher Costs
- J.M. Smucker brands also include Café Bustelo, Dunkin’
- Futures for robusta beans in instant coffee are at fresh high
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J.M. Smucker Co., whose brands include Folgers, Café Bustelo and Dunkin’, is set to hike prices as the company faces higher coffee costs.
The company, the biggest at-home manufacturer in the US retail coffee market, will increase list prices across parts of its coffee portfolio in early June, Chief Executive Officer Mark Smucker said. The increases come as futures for robusta beans used in instant coffee have soared more than 50% this year to fresh highs as production in key grower Vietnam buckles under drought. Prices for the premium arabica bean also have risen.