Global climate anomaly coffee bean futures rise sharply over oil and gold

Media aid quoted the US financial news network MarketWatch reported that the commodity market has taken a turn for the better this year, but most outsiders focus on crude oil and gold, but they do not know that soft commodities are rising more fiercely than oil gold, among which the price of coffee has risen by about 25% since the theme of climate change. Market analysts continue to be optimistic about the future, and it is estimated that there is still 25% room to rise before the end of the year. According to a report on the website of Taiwan's Zhongshi electronic newspaper on October 21, investors usually focus on oil gold when tracking commodity prices, and the performance of these two major commodities is indeed quite outstanding this year, up more than 20% so far. However, the strongest commodity performance this year is actually relatively unpopular soft commodities, including crude sugar futures have soared by more than 50%, Liu Cheng juice futures have also risen by more than 35%, and coffee futures have also risen by nearly 25%, all of which are more than oil gold. The report further analyzed that the outbreak of soft commodities was mainly caused by climate change, including more days of drought and high temperature, which led to a decrease in the yield of related cash crops, which in turn led to a sharp rise in prices. "the problem of global warming has spread all over the world, and everyone will be affected," said PhilDavis, chief executive of PSW Investment in the United States. "I live in New Jersey, and it's October, and the temperature is still 80 degrees Fahrenheit (27 degrees Celsius). This climate is bound to hit the crop harvest, which means prices will rise for a while longer." According to a statistical report released by the Foreign Agricultural Service of the United States Department of Agriculture in June this year, the total global coffee production between June 2015 and June 2016 is estimated to reach 153.29 million bags (60 kg packages), which is the same as the previous year, but 2.8 per cent lower than in 2013-14. PhilFlynn, senior business director of Price Futures, said: "Coffee production this year is already lower than in previous years due to seasonal factors, coupled with climate factors, production may be revised down further, coffee bean production in Vietnam has already opened low, and coffee bean production in Brazil has also declined due to Rain Water's shortage." Arabica coffee bean futures, currently about $1.58 a pound, rose as high as $1.61 last month, the highest level since February 2015.