Folgers coffee maker J.M. Smucker to reduce prices in U.S. - Reuters News
24-May-2016 08:17:35 AM
May 24 (Reuters) - J.M. Smucker Co SJM.N said it would reduce prices of its U.S. packaged coffee brands, including the Folgers and Dunkin' Donuts DNKN.O, in response to sustained declines in coffee bean prices.
"For the last several quarters, lower green coffee costs were reflected in promotional pricing for the majority of our packaged coffee products, and we do not anticipate those prices changing significantly," Steve Oakland, the head of Smucker's U.S. food and beverage business said. (Full Story)
The price decreases, at an average 6 percent, exclude the company's K-Cup pods.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Don Sebastian)
Vietnam Coffee-Premiums rise, rain returns to key growing area - Reuters News24-May-2016 05:34:41 AM
HANOI, May 24 (Reuters) - Vietnamese coffee premiums rose slightly this week following a drop in robusta futures, while the country's exports of the commodity have jumped by around a third, according to traders and government data.
The rainy season has returned to most of the Central Highlands coffee belt, responsible for at least 80 percent of Vietnam's coffee output, state forecasters said.
The rain has contributed to easing global coffee prices. ICE July robusta LRCc2 settled down 1 percent at $1,643 per tonne on Monday. The contract hit $1,707 a tonne last Tuesday, the highest level since August. (Full Story)
Robustas eased to 35,800-36,200 dong ($1.60-$1.62) per kg in Daklak, Vietnam's largest growing province, from 36,500-36,700 dong last Tuesday. COFFEE/ASIA1
Premiums of Vietnamese robusta grade 2, 5 percent black and broken widened to $30-$40 a tonne to the July contract, from premiums of $20-$30 a week ago.
Differentials and futures often move in opposite directions.
"The export volume is high and stocks are also plentiful now," said a trader at a foreign firm in Ho Chi Minh City.
Vietnam has exported 67,000 tonnes of coffee in the first half of May, up 29 percent from a year ago, based on Vietnam Customs data.
The shipment brought the coffee exports since the start of this year to 732,600 tonnes, up 36 percent compared with last year.
However, the Vietnam Coffee and Cocoa Association has yet to revise its last month's forecast of Vietnam's annual coffee exports this year, which envisaged the volume dropping 25 percent from 2015 to 1 million tonnes. (Full Story)
"The volume for the whole year still depends on farmers' willingness to hold or to release stocks," Chairman Luong Van Tu told Reuters.
In the Central Highlands coffee belt, the rainy season has begun in Dak Nong province, the region's third largest coffee-growing province after Daklak and Lam Dong, the provincial weather station said in a report.
In Daklak, the drought has now ended and water levels in rivers and streams are rising following recent rains, said a report by the Daklak hydro and meteorology station.
(Reporting by Ho Binh Minh; Editing by Sherry Jacob-Phillips)
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