A severe drought in Brazil, the world's largest coffee producer, has led to a decline in coffee bean supplies and a surge in prices.
Droughts in leading coffee-producing nations have led to a decline in bean supplies. Supermarket brands like Nescafé and Folgers have already increased prices, but global coffee consumption continues to rise. A roaster holds coffee beans ready to be ground. The cost of raw, or green, coffee has surged following a drought in top-growing Brazil. Brian Phillips receives text messages from coffee farmers in Brazil nearly every day. They send him photos of rain gauges indicating little to no water.
They report coffee trees blooming, then failing to produce fruit. 'My friend Sergio texted me and said, 'Hey, when you have time for a call, we need to talk about next year,'' said Phillips, who sources beans for Anthem Coffee Imports in Kansas City, Mo. 'There are definitely concerns.' Brazil is by far the largest producer of arabica coffee beans, the most popular variety, used in most ground or roasted coffee. Brazilian farmers experienced one of the worst droughts on record this year. 'It eventually started to rain … but they had determined so much of the drought damage was irreversible,' said veteran importer John Cossette with Royal Coffee in California. 'And that's going to affect next year's crop pretty significantly.' Vietnam, the top grower of robusta beans, the second most popular type, frequently used in instant coffee, also faced a severe drought followed by heavier-than-usual rainfall. Scientists attribute this to climate change. Last week, arabica prices on the futures market exceeded the previous record from 1977 of $3.35 per pound. It's not solely due to the industry's need for the beans; financial speculators have also profited from the chaos. The situation has prompted many U.S. roasters and smaller coffee shop owners to evaluate when and whether to raise their prices without deterring customers
COFFEE DROUGHT PRICES BRAZIL VIETNAM
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