Coffee supplies are exceeding demand for the second straight year, according to Volcafe, driving down coffee bean prices. The world’s top producer, Brazil, will harvest a record 57.8 million bags in the 2013-2014 season. Each bag weighs 132 pounds, or 60 kilograms. Market prices on coffee beans have plunged 12 percent in the last two weeks and are headed for the biggest monthly drop since October. [BusinessWeek]
U.S. beef exports remained on a record-shattering value pace in October, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). October pork exports trended seasonally higher compared to recent months but were still below the results posted in October 2017. Lamb export volume in October more than doubled year-over-year, while value increased nearly 50 percent. October pork export volume was 207,725 mt, the largest since May but still 2 percent lower year-over-year, reflecting smaller variety meat exports. Export value ($536.5 million) was also the largest since May but still down 5 percent from a year ago. For January through October, pork exports were 1 percent above last year’s record pace at 2.02 million mt, while value was also up 1 percent to $5.33 billion. For pork muscle cuts only, January-October exports increased 5 percent from a year ago in volume (1.63 million mt), valued at $4.43 billion (up 2 percent). Source: U.S. Meat Export Fed