Coffee Prices Surge as Brazil Crops Hurt by Dry Weather
Coffee prices rose over nine percent on Tuesday as traders fear that dry conditions in Brazil could hurt coffee bean production. Brazil is the top coffee bean grower and a lack of rain at a critical part of the coffee season is hurting the crops. So far, the crops have been reduced by five percent. Vietnam was expected to step up and produce more coffee, but that hasn’t happened. Coffee chains are being watched for the effect on their prices, but they won’t be affected for another two to three months. TheStreet’s Debra Borchardt reports from Wall Street.