New York coffee futures rose to their highest level since 1997 on crop concerns among large growers, threatening to raise costs for coffee roasters and consumers.
Data from the US Department of Agriculture indicated that Brazilian coffee stocks may decline to only 1.2 million bags by the end of the season next June, which represents a 26% decline compared to the level recorded last year.
Arabica coffee prices rose by up to 3%, and Arabica futures contracts rose by 2.4%, reaching $3.0935 per pound, and prices increased by 64% in 2024.
