Extreme weather conditions have impacted coffee crops in some of the top-producing countries, which could mean higher prices for your morning cup of coffee.
According to a report in The Wall Street Journal, coffee farmers in Brazil — the world’s leader in coffee production — experienced bad weather last year with both drought and frost that left some with nearly half of the arabica beans as usual.
Brazil will produce 35.7 million bags of coffee in the 12 months starting in July, analysts told the newspaper. In contrast, two years ago the country produced a record 48.7 million bags of beans.
Coffee prices first shot up last year after several years of steady pricing. But like many industries, coffee has been hit with supply chain and other pandemic-related issues.
Many coffee shops have since upped their prices and the International Coffee Organization said global consumption will again outpace production, with prices set to climb even higher.
As the U.S. deals with its highest inflation in decades, the average price for a pound of coffee is $6.11 in July, whereas a year ago the price was just $4.56, according to the Bureau of Labor Statistics.
Coffee Long (Buy) Enter At: 228.01 T.P_1: 235.28 T.P_2: 240.75 T.P_3: 244.88 T.P_4: 250.46 S.L: 212.19
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