The price of coffee could rise drastically by the end of the year due to crop shortages in Brazil, the world’s largest producer. About author Wall Street Magazine.
In 2021, fields in Brazil were affected first by drought and then by frost. Therefore, only half of the Arabica beans can be harvested this year. These estimates were confirmed by representatives of the Minasul coffee cooperative, who said they could only supply half of the planned volume.
The publication noted that the world’s demand for coffee has increased strongly for the second year in a row. However, its reserves turned out to be very scarce in the last century. Also, coffee prices continue to rise. For example, they hit a 10-year high of $2.58 per pound in February 2022. Prices later dropped to $2.23 per pound, but are still high compared to previous levels for the same period.
Interfax at the end of May WroteHe said that as a result of favorable weather conditions for the South American crop, the cost of Arabica coffee will drop to under $2 per pound by the end of 2022.
Source: Gazeta
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