Coffee Prices Jump As Intense New ColdFront Threatens Brazil
May 12, 2022 19:41:22 GMT -5
Post by Berean on May 12, 2022 19:41:22 GMT -5
Coffee Prices Jump As "Intense New Cold Front" Threatens Top-Producer Brazil
BY TYLER DURDEN
THURSDAY, MAY 12, 2022 - 08:00 PM
Coffee futures in New York jumped Wednesday as new weather forecasts show the world's largest producer has increased frost risks in top growing areas.
The National Oceanic and Atmospheric Administration published new forecasts that show low temperatures in Cerrado, Parana state, and Mogiana could record below 5 degrees Celsius (41 degrees Fahrenheit) by May 16. In the south of Minas Gerais and Guaxupe, temperatures may trend even lower through May 19. All of the regions listed are top-producing areas for arabica beans.
Global coffee reporter & independent analyst Maja Wallengren said, "intense new cold front starting to move into all main 2022 Arabica coffee regions in Brazil this week with temp potentially as low as -5 C° from southern Parana, all SM + AM to NW Cerrado + NE Matas in Minas Gerais. R $JO buyers really going to stay short?"
Arabica futures in New York jumped more than 6% to $2.16 per pound on the news. Prices are up 133% since the COVID-19 low of around $1 per pound and have faded from decade highs of $2.60 in March.
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BY TYLER DURDEN
THURSDAY, MAY 12, 2022 - 08:00 PM
Coffee futures in New York jumped Wednesday as new weather forecasts show the world's largest producer has increased frost risks in top growing areas.
The National Oceanic and Atmospheric Administration published new forecasts that show low temperatures in Cerrado, Parana state, and Mogiana could record below 5 degrees Celsius (41 degrees Fahrenheit) by May 16. In the south of Minas Gerais and Guaxupe, temperatures may trend even lower through May 19. All of the regions listed are top-producing areas for arabica beans.
Global coffee reporter & independent analyst Maja Wallengren said, "intense new cold front starting to move into all main 2022 Arabica coffee regions in Brazil this week with temp potentially as low as -5 C° from southern Parana, all SM + AM to NW Cerrado + NE Matas in Minas Gerais. R $JO buyers really going to stay short?"
Arabica futures in New York jumped more than 6% to $2.16 per pound on the news. Prices are up 133% since the COVID-19 low of around $1 per pound and have faded from decade highs of $2.60 in March.
Continued at link
