(Bloomberg) -- There's a shortage of robusta coffee, and it's showing in the futures market. The July contract for the variety used in instant coffee costs $35 a metric ton more than beans for September delivery following poor crops in top producers Vietnam and Brazil. The spread, which hit an intraday record last week, jumped amid expectations a single buyer will tap a large part of exchange stockpiles at a time Vietnam has already sold most of its beans, Rodrigo Costa, a director at Comexim in the U.S., said in a report for Archer Consulting.
To contact the reporters on this story: Agnieszka de Sousa in London at atroszkiewic@bloomberg.net, Isis Almeida in London at ialmeida3@bloomberg.net.
To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Nicholas Larkin, Liezel Hill
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