Global coffee traders and roasters said they have drastically reduced their purchases as soaring prices strain the industry, while suppliers struggle to convince retailers to accept higher costs.
At the United States National Coffee Association convention in Houston this week, attendees expressed shock over a 70% surge in Arabica coffee futures on the ICE exchange since November.
The Director General at ELCAFE C.A. in Ecuador, Renan Chueiri, noted that for the first time, the company hasn’t sold its entire expected annual production by March.