Coffee froths to new highs as Brazil frost hits crops

“Several reasons explain the astronomical gains for coffee prices,” Rabobank analyst Carlos Mera told AFP, citing mainly the devastating weather conditions in Brazil.

Arabica has also been heavily impacted because the crop has a biennial plant cycle, whereby low-yield production one year is followed by bumper output the following year.The market rallied “on freezing temperatures in Brazil growing areas last night”, added Price Futures Group analyst Jack Scoville on Friday.“Freezing temperatures were reported in much of Minas Gerais and Parana and also in Sao Paulo.

While conditions are ripe for high prices, commodity economist Philippe Chalmin explained that the cost of coffee has been particularly low in recent years, pointing out that a pound of arabica cost more than $3 in May 2011. “Even then, the increases at retail level are much more moderate,” he said with other components such as transport, packaging and marketing contributing to the retail price.

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