Word: paran
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Dates: during 1970-1979
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...hopes of pushing up coffee prices on commodity exchanges. Hence there was nothing out of the ordinary about reports of a "White Friday" last month -except that this time the stories turned out to be true. For the first time since 1943, snow fell in the southern state of Paraná, which produces half of Brazil's coffee. In neighboring São Paulo state, frost damaged 50% to 70% of the coffee trees. The effect on prices was instant. Within a week of the frost, coffee rose from 52? to 84? per Ib. on the London commodities market...
...shock of White Friday, however, could indirectly reduce Brazil's output over the longer run. The Brazilian government is eager to see coffee planting moved northward, away from the danger of frost, so it may encourage growers in Paraná and São Paulo to switch to soybeans. But if new areas of cultivation do not open up quickly, Brazil's exportable crop, which accounted for 32% of the world coffee trade in 1974-75, could fall drastically...