Word: ibs
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Working like a well-functioning percolator, the market forces that drove raw coffee prices to record highs in April are now forcing prices down, down, down. In the past few months, Colombian green coffee has fallen from $3.34 per Ib. to $1.92, 43% below its April peak. Similar drops have taken place for other varieties of coffee...
...down will prices go? Some Brazilian coffee experts say that over the next 18 months or so the price of raw coffee could gradually decline to about $1 per Ib. on the New York market, which would translate into a retail price somewhere in the $2 range, depending upon quality and brand. That is just above what coffee cost before it zoomed off on its great roller-coaster ride...
Some A. & P. stores and other supermarkets will knock about 20? a Ib. off retail prices this week. But because of inflation, only those who drink much stronger stuff expect a return of those $1.46-a-lb. levels of two years...
...reduced their consumption by 17% in the past year. Slack demand and the prospect of heavy harvests have driven down futures prices on the New York Coffee and Sugar Exchange. Contracts for coffee beans to be delivered in July fell to $1.95 last week, a drop of $1.45 a Ib. since April...
...about two years coffee drinkers have bitterly watched prices jump from $1.46 a Ib. to more than $4. A crop-killing frost in Brazil in 1975 touched off frantic bidding by buyers who feared a shortage; several coffee-producing countries aggravated the rise by increasing export taxes on the beans. Now the U.S. Department of Agriculture forecasts that Brazil, which normally grows about a third of the world's supply, will harvest about 17 million bags of beans in the crop year that begins Oct. 1-not far from double the 1976-77 crop of 9.5 million bags...