Futures Market News
Coffee futures climb
Mar 17, 2011 12:42 PM
Dutch coffee trader Nedcoffee states the globe's largest producer of robusta beans shipped 40,000 metric tons of the commodity during the first third of March.
Bloomberg reports Vietnamese exports might rise 9.4 percent to 1.28 million tons during 2011. Coffee prices in the Southern Asia nation have increased as high as 46,500 dong ($2.23) per kilogram, which exceeds a record price from the mid 1990s.
"Due to this high price of coffee, financial difficulties appear, so most of the coffee exporters in the country have only bought and exported about 30 to 40 percent of the annual plan for 2010-11," according to a report from Nedcoffee.
At 2 p.m. on Thursday, coffee futures were up 2.09 percent, a .0555 cent increase to $2.709 per pound.
Robusta coffee beans are used for instant coffee and espresso. The commodity primarily is harvested in Asia and areas of Africa. Arabica beans primarily are grown in Latin America and typically used for specialty beverages. One large buyer of Arabica beans is Starbucks, the world's biggest coffee company.
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