Yahoo
Coffee futures extended their rampant rally to the highest in more than four decades in New York on global supply worries, threatening to further raise costs for consumers.
Arabica beans — the variety favored for specialty brews — climbed as much as 3.9%, hitting the highest since 1977. They’ve jumped almost 70% this year.
A severe drought earlier this year in Brazil has fueled worries about the country’s output. That comes on top of concerns about another bean variety produced in Vietnam, after a key coffee belt was hit by dryness during the growing period and heavy rains arrived at the start of harvest.
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