Coffee futures have jumped from seven-year lows of $1.0150 per pound in November to a high of $1.7180 last Wednesday. Drought in Brazil has adversely affected coffee crop development at a critical time when the cherries are budding. Some rain late last week allowed prices to ease a bit, to $1.6860, by Friday but prospective yields for both the 2014–2015 and 2015–2016 harvests are being threatened, with no meaningful relief in sight. Friday’s USDA cattle report showed new ...

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