Coffee surges as dry conditions continue in Brazil

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Associated Press

Posted on February 18, 2014 at 2:02 PM

Coffee is surging to its highest price in more than a year as dry conditions in Brazil continue.

Although coffee growing regions got some rain over the weekend, traders were expecting more. The dry weather in Brazil is coming at a crucial time for the development of the coffee beans and has prompted traders to pare back their expectations for this year's crop.

The price of coffee for May delivery climbed 12.6 cents, or 8.8 percent, to $1.55 per pound, the highest price since January last year.

In other trading of agricultural products, wheat, soybeans and corn all rose.

Gold had its ninth straight gain, closing at the highest level since September. Silver and copper also rose. Platinum and palladium fell.

Oil rose $2.13 to $102.43 a barrel.

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