This after the price of arabica beans rose by 4.9 percent to the highest level since the early 1970s and passed the price peak reached in 1977. Behind the price rise is concern about the harvests in Brazil, the world’s largest coffee producer, this is linked to drought which affected many growers. One of the country’s largest producers, Volcafe, has also radically lowered its forecast, writes Bloomberg. However, it is not only from the Brazilian side that there are challenges at the moment. Even Vietnam, which is a heavy exporter of the simpler robusta bean, was hit earlier this year by both drought and torrential rain, both of which affected the harvest.
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