International Coffee Organization News
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Coffee futures fell to the lowest in more than three years on mounting speculation that global supplies will exceed demand amid bumper crops in Brazil, the world’s top exporter.
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Olam International Ltd., a trader of commodities, said sales volume in the confectionery and beverage division fell 6 percent in the nine months ended March 31 after an epidemic of coffee leaf rust in Central and South America.
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Coffee picker Hector Gonzalez says he feels personal pain as he watches leaves stripped off plants from a fungus infecting 70 percent of the crop on the Salvadoran farm where he works.
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When Eleni Gabre-Madhin climbed onto a cafeteria table as a junior at Cornell University almost 30 years ago and begged students to end the tradition of dinnertime food fights, she was mocked.
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Goldman Sachs Group Inc. lowered its price forecasts for arabica coffee futures in New York, citing an improving production outlook in leading grower Brazil.
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Coffee futures fell on signs of ample global supplies. Orange juice, cotton and sugar dropped, while cocoa rose.
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Coffee prices are set to stay low as roasters are buying less than usual, rules allowing Brazilian coffee to be delivered in New York come into force and a record global crop compensates for leaf rust losses in Central America.
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Brazil may soon raise the minimum price for coffee beans as part of a series of measures being discussed to support growers in the world’s biggest coffee producer and exporter, according to the Agriculture Ministry.
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Coffee farmers may get financial assistance to store beans, according to Marcos Pinta Gama , Brazil’s permanent representative to international organizations in London.
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Coffee output in Brazil and Colombia, the largest arabica producers, will probably make up for leaf rust losses in Central America and Mexico for now, according to the International Coffee Organization.
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