Coffee jumps on renewed Brazil production worries
NEW YORK (AP) — Coffee futures were soaring for a second day as investors continued to worry about this year’s coffee harvest in Brazil.
Coffee jumped 8.4 cents on Monday, 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.
In other agricultural commodities, corn rose 0.5 percent to $4.9925 a bushel, wheat rose 1 percent to $6.76 a bushel and soybeans fell 0.6 percent to $14.64 a bushel.
In metals, gold, silver, platinum and palladium all fell. Copper rose.