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Coffee Prices Are Crashing Up

Mamta BadkarMar 6, 2014, 03:27 IST

Coffee prices are exploding again. Futures are spiking, sending prices up 8% for the day to $2.00 a pound.

"Coffee prices are crashing up," tweeted trader Kevin Ferry.

There isn't an obvious reason for what's been driving prices in the last hour.

A severe drought and record temperatures in Brazil had markets concerned about major crop damage. Brazil is the world's largest coffee exporter.

Futures are at a two-year high of $2.0065, up 81% since the start of 2014 reports Wall Street Journal's Leslie Josephs.

Here's a look at the run-up in coffee prices today:

FinViz