RIO DE JANEIRO, BRAZIL - Global coffee prices rose 55% this year, mainly due to adverse weather in top producer Brazil. As a result, in order to resell the coffee at higher values than initially negotiated, many Colombian coffee growers ceased to make previously agreed deliveries.
"Traders are starting to default, it's a mess. If the drought persists in Brazil, a quotation of 300 cents per pound of coffee is possible. It will be chaos," said the operator of a global agricultural commodities trading company. He said major global roasters are considering rebranding their "Colombia single origin" coffees because of . . .