Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, June 29, 1994 TAG: 9406290123
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: |Knight-Ridder Newspapers|
DATELINE: NEW YORK LENGTH: Medium
Coffee futures soared as high as $1.80 a pound Monday on news that Brazil, the world's largest coffee producer, had sustained frost damage over the weekend.
Some specialty roasters announced price increases earlier this month in response to the surging market, which already had begun to rally at the beginning of May after breaking the 90-cent level.
But the head of Vermont-based Green Mountain Coffee Inc. said his company is waiting to see the extent of the frost damage before making any decisions about further price increases.
But ``if prices stay where they are,'' said Bob Stiller, chief executive officer, another increase is likely. Green Mountain raised wholesale prices by about 60 cents a pound at the beginning of June.
A spokesman for Florida-based Brothers Gourmet Coffees Inc. declined to say how much his company had raised prices earlier this month. ``It covered us for what had happened,'' said Ken Toltz, vice president of marketing.
But he added that the company already had planned to review prices again in September, and it's sticking to that schedule.
Laura Moix, spokeswoman for Seattle-based Starbucks Coffee Co., said her company did not raise prices when others did earlier this month.
But Starbucks is looking closely at the damage done by this frost, and the company plans to begin discussions of damage assessments as soon as Thursday. ``We won't know for another week or so,'' Moix said.
The specialty roasters pointed out that they typically cover their needs well in advance.
by CNB