Arabica coffee prices climbed to a four-year high amid declining supplies from Brazil and logistical problems in Colombia, Report informs referring to the Trading Economics.
The price of the July contract on the American ICE exchange climbed to its highest since the end of 2016, $1.57 per pound, before falling to $1.55.
The drought in the largest Arabica coffee producing countries has led to lower harvest forecasts for this season, as well as risks to the 2022 harvest. Meanwhile, exports from Colombia, the world’s second-largest exporter of Arabica, are being hampered by anti-government protests accompanied by road closures.
The world’s biggest dairy exporter has forecast that milk prices could hit a record over the next year due to surging demand from China, in a sign of how a boom in commodities is spreading through agricultural markets, the Financial Times reports.
New Zealand’s Fonterra released its highest-ever opening forecast for farm gate milk prices of between $5.29 and $6.39 per kilogram of milk solid for the 12 months beginning June 1.
It is the latest indication of how global commodity markets have gone into overdrive in recent weeks as the world’s largest economies recover from the coronavirus pandemic.