Word: frostes
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...main reasons for last winter's price boost, according to FTC, was the inaccurate forecast for Brazil's 1954-5 5 crop. A year ago, a biting frost hit Brazil's second biggest producing area in Parana, damaging nearly 250 million trees. With forecasts of a meager 13 million-bag crop, some 4,000,000 bags less than expected, a wild price spiral for coffee futures got under way. Actually, says FTC, the frost damage was relatively minor. Brazil's 1954-55 crop was less than 1,000,000 bags (8%) below the 1953 levels...
...growers argue that all early crop reports are bound to be inaccurate. To judge yesterday's estimate by today's knowledge, say the coffeemen, is both unsound and unfair. Furthermore, when viewed in terms of the expected 1954 harvest v. the actual harvest, the crop loss from frost was an estimated 2,932,700 bags, or 17%; FTC's 8% figure is based on a false comparison with 1953 production...
...about 10% of U.S. annual consumption-result in a narrow, rapidly fluctuating market. The fact is, according to coffeemen, that about 40% of all U.S. coffee is traded on the exchange. The price rise, they insist, was simply due to heavy demand coupled with the fear of a low, frost-bitten supply. Says Gustavo Lobo Jr., president of the New York exchange: "If speculation occurred, it was within permissible limits. If we are going to curb speculation entirely, we will have to do away with free markets of every kind...
Leaving Massena, U.S. and Canadian officials rode across to a field near Cornwall, Ont. where Canada's Prime Minister Louis St. Laurent, Ontario's Premier Leslie Frost and Governor Dewey took silver-plated shovels in hand and broke ground for the project's powerhouse...
Climbing the glacier was agony. At such altitudes, sweat and tears can turn to frost. One day Desio radioed (by portable transmitter) that his Hunza porters had deserted, fearful of the gaping crevasses. the toppling pillars of ice. For the next 23 days, nothing more was heard from...