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JM Smucker slurps up Brazilian coffee during COVID-19; Starbucks shipments sink

Ags - Softs 120 Brazil 354 Consumer Staples 664 Coronavirus 469 Mexico 765

Coffee prices for delivery in September have surged after a boost in demand for stay-at-home consumption during the pandemic. Producers of packaged products including Nestle may have done better than cafe sales dependent firms such as Starbucks and JDE Peets. Prices may also have been driven by a drop in coffee exports with a 3.9% year over year dip in June according to ICO data, led by a 9.8% drop in exports from Brazil. The decline in food service demand can be seen in Starbucks’ exports from Brazil which slumped by 83.6% year over year in June and by 44.7% in Q2 in total. Exports link...

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