[Homeroast] fear of coffee stockpiling as prices climb
theotherjo at gmail.com
Wed Sep 8 14:06:25 CDT 2010
Could you link this original article for us?
On Wed, Sep 8, 2010 at 11:03 AM, Tom & Maria - Sweet Maria's Coffee <
sweetmarias at sweetmarias.com> wrote:
> Sorta interesting article. politicians are taking note! -Tom
> Schumer wants warning against coffee stockpiling
> By TOM MURPHY
> Java drinkers rest easy. Sen. Charles Schumer has perked up to the
> spiraling cost of coffee beans, and he wants something done about it.
> The New York Democrat has asked U.S. Trade Representative Ron Kirk to warn
> major coffee growers Brazil and Vietnam at an International Coffee
> Organization meeting later this month to not stockpile their crops, a move
> that could further boost bean prices that already have spiked this summer
> because of poor crops in some regions.
> The fallout from rising prices has been brewing for months. Coffee futures
> spiked in June and have remained high. Coffee producers and sellers --
> including Folgers and Dunkin' Donuts coffee maker J.M. Smucker Co. and the
> Wawa convenience store chain -- have already raised their prices. Starbucks
> Corp. has said it will absorb the higher cost.
> Why the buzz? According to Schumer, the issue goes beyond bad crops. The
> senator said in a statement that Vietnam bought more than 60,000 tons of its
> own coffee last spring and was considering a plan to stockpile up to 200,000
> tons. Meanwhile, Brazilian growers have pressured their government to
> consider a similar move.
> Schumer said coffee exporters are acting like "the OPEC of coffee," a
> reference to the Organization of Petroleum Exporting Countries, which has a
> large influence on oil prices.
> "Play by the rules, that's all we're saying," Schumer said Monday afternoon
> in a phone interview.
> The senator noted in a letter to Kirk that Brazil and Vietnam have
> accounted for about 45 percent of world coffee exports over the past 10
> years, and the United States is the world's largest coffee importer.
> "If it was just weather, there's not much you can do, but it's beyond
> weather," he said in the interview. "It's people trying to manipulate the
> market. We want to stop that."
> Kirk will review Schumer's request and discuss it with him, said Carol
> Guthrie, a spokeswoman for the U.S. Trade Representative.
> "Great coffee comes from little roasters" - Sweet Maria's Home Coffee
> Thompson & Maria - http://www.sweetmarias.com
> Sweet Maria's Coffee - 1115 21st Street, Oakland, CA 94607 - USA
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