Fears over disruptions to supply chains have led to some degree of coffee hoarding among consumers and countries — and that's given coffee prices a much-needed boost.
surged 8.8% in March, to an average of about $1.16 a pound. They climbed further to last settle at $1.2120 as of late Thursday during Asia hours.
The current coronavirus pandemic has led to supply disruptions — from manufacturing to transportation to retail — as lockdowns were imposed around the world., another major coffee exporter, could be temporarily disrupted because of its lockdown, according to the ICO. It explained that Colombia's usual harvest in April is likely to be affected by the containment measures as well as fewer migrant laborers from neighboring countries.
On the global situation overall, the ICO said: "Currently demand is estimated to exceed production ... disruptions to the supply chain both in shipping and harvesting could lead to temporary shortages in the supply, putting upward pressure on prices in the short term.". Some countries have stopped exports of some crops, while others have been stockpiling food supplies, to ensure they have enough for their own citizens.
Following an initial spike in demand, there will be proportionally less demand in the coming weeks and months as consumers draw down stocks kept at home."Retail- and supermarket-level data suggest that panic buying and stockpiling has led to increased consumer demand in some countries," the ICO said in a report last week.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Butter Coffee? No, I’m on Cheese Coffee Now.“It was like hot chocolate with marshmallows, except with hot coffee and cheese”
Read more »
These Cold Brew Coffee Makers Will Make Your Local Barista JealousFuel your iced coffee addiction with these cold brew coffee makers.
Read more »
Now’s a Smart Time for a Coffee Subscription Service—Here Are the 9 Best OptionsHomemade coffee can certainly be something to look forward to, and ordering coffee online is a great way to explore the nation’s best coffee shops. Here are the best coffee shops selling online.
Read more »
U.N. Agency Fears 'Vulnerable' Africa May Suffer At Least 300,000 COVID-19 Deaths'Anywhere between 300,000 and 3.3 million African people could lose their lives as a direct result of COVID-19, depending on the intervention measures taken to stop the spread,' the UNECA says in a new report.
Read more »
Senators urge anti-bias police training over mask fearsDemocratic lawmakers want police departments to be vigilant about any racially biased policing during the coronavirus pandemic, as people in communities of color express fears of being profiled while wearing masks or other face coverings in public. In a letter sent Friday to Attorney General William
Read more »
Chicago's biggest jail has released almost a fourth of its population over coronavirus fearsThe largest single-site jail in the US has used many tactics as population control became increasingly significant amid the ongoing pandemic
Read more »