GLOBAL COFFEE PRICES TO GO HIGH ON 2011

摘要

Brazil exports a third of world's total exports, the coffee production in Brazil drops every other year as the trees can't sustain high yields for two straight harvests. Growers will harvest 37 million bags, down 23 percent from 48.1 million bags estimated for this year, Agriculture Minister Wagner Rossi said in an interview in Brasilia on Wednesday. Coffee prices will likely rise next year as global demand outpaces supplies amid declining stockpiles, he said to reporters. Coffee, which has surged 72percent this year, extended a rally to a 13-year high earlier today on concern adverse weather in Brazil and India will pare global supplies. Arabica coffee for March delivery reached 2.4225 dollar, the highest since June 1997. It fell 1.6 percent to 2.3005 dollar per pound at 12:51 p.m. on ICE Futures U.S. in New York, Bloomberg reported.