date:Apr 24, 2014
After surging 19% the past four weeks, coffee extended its ascent.
Futures jumped to the highest in more than two years yesterday, after drought damage in Brazil prompted Volcafe Ltd. to cut its outlook for the crop in the South American country, the worlds top grower and exporter.
The worst Brazilian drought in decades ravaged plants earlier this year, and production of arabica beans will be 18% less than projected, Volcafe, a unit of commodity trader EDF Man Holdings Ltd., said in an e-mail