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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Weather, Asian demand boosts coffee futures

May 09, 2011 07:43 AM

Coffee prices are seeing record high prices due to adverse weather conditions and the swiftly rising popularity of the beverage in Asia, the Boston Globe reports.

The Arabica bean's increase in price is having a spillover effect as many coffee shops have seen price hikes by as much as 0.20 cents.

"We've gotten used to a really cheap cup of coffee. It's not really an accurate reflection of someone's labor," Daniele Giovannucci, cofounder of global agricultural consortium Committee on Sustainability Assessment, told the publication. "This price level is a way of finally valuing what is an extraordinary crop."

In addition to droughts and floods damaging crops in high-yield regions, the weakening dollar and increasing prices for fertilizer and fuel also are pushing up coffee prices. Starbucks has laid plans to establish as many as 1,500 coffee shops in China by 2015.

At 8:13 a.m. on Monday, coffee futures were up 0.96 percent, a 0.0275 cent increase to $2.903 per pound.

Ten years ago "you could never sell a cup of coffee for more than a dollar," Giovannucci said. "Now we have $4 lattes. People are surprised by the evolution of what consumers are willing to pay."

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