Wholesale coffee prices are trading near a 50-year high because of shortages related to extreme weather and increased global demand.The New York Times reports that wholesale coffee prices are currently at a 50-year high due to a combination of extreme weather and increased global demand. This has caused shortages in the global supply of coffee, leading to a rise in prices. Thaleon Tremain, CEO and co-founder of Pachamama Coffee, has always tried to sell his specialty beans at a higher price than the global commodity price in order to support the farmers who grow them. However, he is now concerned that the rising prices are not due to the quality of the coffee, but rather external factors such as climate change and high demand. Tremain believes that this volatility in prices could threaten the sustainability of businesses like his and the livelihoods of coffee farmers. Despite being one of the most consumed beverages in the world, coffee can only be grown in specific conditions, making it susceptible to the effects of extreme weather. Brazil, the largest exporter of coffee, has been hit by a severe drought this year, which has devastated the harvest and could potentially affect next year’s crop as well. As a result, prices are expected to continue rising in the future.
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