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Is coffee the new cocoa?
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Food Business News
All cocoa supply used in the United States and most of the coffee supply is imported, with 30% of the US coffee supply coming from Brazil.
While cocoa price moves mostly were supply-driven, several factors contributed to the swings in coffee futures.
The Bureau of Labor Statistics said August coffee prices were up 21% from a year ago.
Tariffs, cited as the major factor driving the most recent upswing in coffee futures prices, weren’t in play during much of the cocoa mayhem.
And as with cocoa, the large price moves in coffee futures probably aren’t done yet.