Coffee prices have surged to their highest levels in nearly 50 years, driven by extreme weather conditions and supply chain disruptions. Arabica coffee, the most popular variety, recently hit $3.44 per pound, surpassing the previous record set in 1977. This dramatic increase is largely due to severe droughts followed by heavy rains in Brazil, the world's largest coffee producer. This situation highlights the impact of external factors on commodity markets and the importance of supply chain management. The rising prices not only affect consumers but also present challenges and opportunities for businesses within the coffee industry. Understanding these dynamics can provide valuable insights into how global events influence market trends and business strategies.
BBQ - What external factors have contributed to the recent record highs in coffee prices, and how do these factors impact businesses within the coffee industry?
