Coffee Surges on Renewed Concern about Crop

By: The Associated Press
By: The Associated Press

The price of coffee is surging on renewed concerns about the outlook for Brazil's crop.

Coffee for July delivery jumped 15.25 cents, or 8.1 percent, to $2.04 per pound.

The price of coffee beans has surged this year on concerns that dry weather in Brazil would damage the harvest there. The catalyst for the move higher on Thursday was a crop inspections report from Fort Lauderdale, Fla.-based coffee importer, Wolthers Douque. The report predicted that 35 percent of the coffee crop would be lost in the South Minas region of Brazil due to unfavorable weather.

In other trading of agricultural products, wheat edged higher while corn and soybeans fell.

Metals were mixed. Gold, silver and platinum fell. Copper and palladium rose.

In energy trading, the price of oil rose.

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