COFFEE FUTURES: JOLTIN' JOE
That cuppa java is turning into liquid gold. Coffee futures for July delivery shot up to $2.40 per pound on May 13-the highest price in nearly three years. Prices could go higher still as tight coffee-bean stockpiles dwindle. Unfavorable weather in South America has led to poor crops, leaving key suppliers Colombia and Brazil with little coffee to sell. Labor strife, too, has disrupted shipments. Demand, meantime, has stayed fairly robust, especially for high-end coffee. ''The market's probably going to keep charging,'' predicts Merrill Lynch analyst Judith Ganes.
EDITED BY KELLEY HOLLAND
Updated June 15, 1997 by bwwebmaster
Copyright 1997, Bloomberg L.P.