Coffee Shortages Drive Prices Higher

Thu., May 22, 1997

From Staff And Wire Reports

The world’s largest coffee producers dashed hopes for relief from lean inventories and high prices by maintaining export quotas for the next year, causing futures prices to soar.

Coffee on the Coffee, Sugar & Cocoa Exchange rose 5 percent after the Association of Coffee Producing Countries agreed in London to keep export quotas during the year ending June 1998 unchanged from this year. The group approved a proposal to boost the current quota by 500,000 132-pound bags to 52.75 million.

The decision sent prices higher because traders expected the ACPC to relax or even suspend its quota.

With little relief to lean stockpiles expected until Brazil’s harvest hits full stride in July, roaster are raising retail prices.

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Coffee Shortages Drive Prices Higher

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