As coffee prices have fallen to 12-year lows, coffee producers want to talk to major customers, including Nestle, Jacobs Douwe Egberts, and Starbucks, reports Reuters. On Sept. 4, Arabica coffee futures fell to 98.65 cents per pound, the lowest for the second position contract since July 2006. They continue to hover around that level, and dipped to a low of 98.90 cents on Monday. Meanwhile, a record crop in Brazil this year depressed the market, and speculators have also made a bearish bet on the New York-based arabica coffee futures market, which contributes to downward pressure on prices.
The CEO of the Colombian Coffee Growers Federation calls the pricing "a crisis beyond imagination," and the executive secretary of Promecafe, which represents growers in Central America and the Caribbean, is trying to set up a dialogue with industry leaders across the world while organizing a campaign to raise consumer consciousness about the crisis. He says producers in the region are desperate and a lot of farms are being abandoned as social conditions deteriorate. The president of Anacafe, a producers' group based in Guatemala, adds that every day the price crisis continues, there is more illegal immigration to North America, according to the report. Full Story
Related: Starbucks Commits to Greener Stores; Starbucks Launches in Italy.
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