[Homeroast] fear of coffee stockpiling as prices climb
fparth at mac.com
Wed Sep 8 14:28:44 CDT 2010
I remember sending a link to the group to an article in the Financial Times back in June/July that this was going to
happen. I also remember placing a good size order with Tom (well, good size for me, anyway).
Vietnam can stockpile their beans all they want. That stuff is really bad. On my annual trips to Saigon I pre-roasted
enough to take with me and just do my own thing there.
> 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
> anInternational 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.
> Coffeeproducers 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
> boughtmore 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
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