NEW YORK (TheStreet) -- Coffee prices were jumping to a one-week high Thursday as bad weather continued to upset bean harvests around the world.
Coffee for May delivery was popping 3.2% to $2.735 a pound. Earlier Thursday, it hit a one-week high of $2.7585.
Bad weather has interfered with yields in both Vietnam and Colombia. Vietnam is the No. 1 producer of robusta beans, while Colombia is the No. 2 producer of Arabica beans.
In a recent note, PFG Best analyst Robin Rosenberg said coffee producers have been stockpiling coffee, waiting for higher prices.
"Producers will be waiting to sell into rallies if the current situation continues," he said.
Coffee companies were trading flat to lower.
Starbucks(SBUX) was falling 1.5% to $35.83, Green Mountain Coffee Roasters(GMCR)was flat at $64.94, Folgers maker J.M. Smucker(SJM) was down 0.5% to $73.08, and Maxwell House maker Kraft Foods(KFT) was down 0.3% to $31.65.
(Source: http://www.thestreet.com/story/11075560/2/coffee-cotton-at-one-week-highs.html)
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