[Homeroast] fear of coffee stockpiling as prices climb

Laura Carey laurajcarey at gmail.com
Wed Sep 8 14:11:56 CDT 2010


http://www.forbes.com/feeds/ap/2010/09/06/business-specialized-consumer-serv
ices-us-coffee-prices-schumer_7905053.html?boxes=Homepagebusinessnews


-----Original Message-----
From: homeroast-bounces at lists.sweetmariascoffee.com
[mailto:homeroast-bounces at lists.sweetmariascoffee.com] On Behalf Of Joseph
Robertson
Sent: Wednesday, September 08, 2010 12:06 PM
To: A list to discuss home coffee roasting. There are rules for this
list,available at http://www.sweetmarias.com/maillistinfo.html
Subject: Re: [Homeroast] fear of coffee stockpiling as prices climb

Tom,
Could you link this original article for us?
JoeR

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.
> --
> -Tom
>
>
>
____________________________________________________________________________
> "Great coffee comes from little roasters" - Sweet Maria's Home Coffee
> Roasting
>              Thompson & Maria - http://www.sweetmarias.com
>
>
____________________________________________________________________________
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>
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