NEW YORK — Arabica-coffee prices reached their highest level in 2½ years on Monday, after projections for more dry weather in Brazil sowed worries about lackluster future harvests, the Wall Street Journal reports.
Arabica coffee ordered for delivery in December ended on Monday at $2.2080 a pound on the ICE Futures U.S. exchange — the highest price since February 2012, WSJ says. A commodities strategist betting on the futures market also told WSJ he expects coffee-trading prices to rise from here, to $2 to $3 a pound next year.