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Coffee Stockpiles Turn to Gold After Shock to Global Supplies Jul 24 2021, 9:10 PM July 23 2021, 10:39 PM July 24 2021, 9:10 PM (Bloomberg) Traders holding coffee beans in exchange warehouses are suddenly sitting on a jackpot. (Bloomberg) Traders holding coffee beans in exchange warehouses are suddenly sitting on a jackpot. That’s because frigid temperatures have wiped out a chunk of the harvest for arabica beans in Brazil, the world’s top grower. So much was lost to frost, in fact, that it’s estimated to equal twice the amount of all arabica beans in warehouses monitored by ICE Futures U.S., the main exchange for trading coffee futures. That’s rapidly driving up the value of the beans some of which have been sitting in storage for as long as three years. On Friday, their price hit a six-year high, capping a 17% weekly surge.

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