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Coffee prices surge on dry weather in Brazil

Published on NewsOK Modified: February 5, 2014 at 2:26 pm •  Published: February 5, 2014
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Coffee prices are rising for a seventh straight day on concern that dry weather in Brazil will harm this year's crop.

The price of coffee for March delivery rose 6.85 cents, or 5 percent, to $1.43 a pound. That's the highest price since May last year. Coffee prices have climbed 29 percent this year.

The current dryness in Brazil comes at a crucial time for the development of the coffee crop and has already prompted traders to pare back their outlook for this year's crop.

In trading of other agricultural products, wheat, corn and soybeans all rose.

Most metals also advanced.

Gold, silver, platinum and palladium all rose. Copper edged lower.

In energy trading, the price of crude oil rose 19 cents, or 0.2 percent, to $97.38 a barrel.