Think Progress – by Aviva Shen
The worst drought Brazil has seen in fifty years is pushing coffee bean prices to new heights. As a result, Starbucks, the largest coffee company in the world, has halted coffee purchases over the past few weeks, the Wall Street Journal reports.
Brazil is the world’s largest producer of coffee. Arabica coffee futures, the most common bean variety sold in the US, have soared nearly 90 percent over the past year, and reached the highest price in two years on Tuesday. The surge was prompted by estimates that Brazil’s arabica crop, which was decimated by this year’s drought, will miss expectations by 18 percent. Overall, the world’s harvest is expected to fall short of demand by 11 million bags, — meaning coffee lovers may be forced to pay more for their morning cup. Continue reading “The Coffee Apocalypse Is Nigh: Brutal Brazilian Drought Forces Starbucks To Pause Purchases”

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