PNW - Did you know that Brazil just had snow for the first time in 64 years? Millions of Brazilians were absolutely thrilled to experience real snow for the very first time in their lives, but the unusually low temperatures have hit agricultural production really hard at a very sensitive moment.
Brazil is one of the largest exporters of corn in the entire world, and at this point corn production is expected to be way below original projections. But for many Americans, the fate of the Arabica bean crop is of far more interest.
Higher coffee prices would affect millions upon millions of Americans on a daily basis, and that is why so many people are freaking out about the fact that coffee prices are really starting to spike...
Arabica coffee prices touched a nearly seven-year high earlier this week as the unusual cold weather affected the crop in Brazil, the world's top producer, with companies poised to pass on higher costs to consumers.
Unfortunately, prices are likely to go even higher in the days ahead.
The recent cold snap hit a very wide area, and one coffee exporter is warning that "no one really knows the depth of damage undertaken"...
Preliminary estimates from the Brazilian government indicated last week's frosts alone had affected 150,000 to 200,000 hectares (370,000-490,000 acres), about 11% of the country's total arabica crop area.
"No one really knows the depth of damage undertaken," said coffee exporter Comexim, which estimated a 13% loss on next year's production at the Cerrado region in top coffee growing state Minas Gerais.
The full extent of the damage to Brazil's corn fields is yet to be determined as well. Currently, it is being projected that total corn production could be down about 17 percent compared to last year...
Total corn production in Brazil is now seen at 85.3 million tonnes, almost 17% below last year's level, AgRural said citing weather issues affecting the crop, particularly the second corn crop which was first hit by drought and later by frosts in states like Mato Grosso do Sul and Paraná.
Over in Africa, endless drought is taking a very heavy toll in many areas.
At this point, we are being told that "crop failure" has....READ MORE
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