Coffee jumps on renewed Brazil production worries
Michael Chen
Senior Web Developer
Coffee futures soared for a second day Monday as investors continued to worry about this year’s coffee harvest in Brazil.
Coffee jumped 8.4 cents, or 4.5 percent, to $1.94 a pound. That’s on top of Friday’s 6 percent jump.
Brazil’s National Coffee Council said Friday that it expects the country’s harvest to be between 40.1 million and 43.3 million bags, down from its previous forecast of 44 million bags, according to The Wall Street Journal. Brazil produces roughly half of the world’s supply of coffee.
Other agricultural commodities were mostly lower. Wheat rose 7 cents, or 1 percent to $6.763 a bushel while soybeans fell 10 cents, or 0.6 percent, to $14.62 a bushel. Corn fell 3 cents, or 0.5 percent, to $4.99 a bushel.
Gold for April fell $5.20, or 0.4 percent, to $1,298.30 an ounce and silver fell 4 cents, or 0.2 percent, to $19.91 an ounce. Platinum for July delivery lost $23.10, or 1.6 percent, to $1,427.80 an ounce and June palladium fell $23.10, or 3 percent, to $767.65 an ounce.
In energy, crude oil for May delivery fell 70 cents, or 0.7 percent, to $100.44 a barrel. Natural gas rose 4 cents, or 0.8 percent, to $4.476 per thousand cubic feet. Wholesale gasoline futures fell less than a penny to $2.926 a gallon.
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Source: washingtonpost.com/business/coffee-jumps-on-renewed-brazil-production-worries/2014/04/07/b2e7a2ca-be9a-11e3-9ee7-02c1e10a03f0_story.html
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