[Homeroast] fear of coffee stockpiling as prices climb

Sweet Maria's Coffee sweetmarias at sweetmarias.com
Wed Sep 8 14:31:29 CDT 2010


http://www.businessweek.com/ap/financialnews/D9I2KT180.htm

D

>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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>
>
>
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