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The price of Brazilian Arabica coffee has just surged by 94 percent on the New York futures1 market. What's behind the rise? Well, it’s the result of bad weather in Brazil. That country's coffee harvest accounts for more than one third of the world's output and when their harvest is down it has a strong influence on coffee prices around the world. This year’s harvest in Brazil is expected to be down as much as 10 percent compared to last year.
The region was hit by a severe drought and extremely high temperatures during the growing season. In fact, the country had its hottest January on record. Then, heavy rains and flooding hampered2 the harvest. This double whammy in Brazil has lead to the largest world supply deficit3 since the 2009-2010 season.
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1 futures | |
n.期货,期货交易 | |
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2 hampered | |
妨碍,束缚,限制( hamper的过去式和过去分词 ) | |
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3 deficit | |
n.亏空,亏损;赤字,逆差 | |
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4 retailers | |
零售商,零售店( retailer的名词复数 ) | |
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