Arabica coffee futures on the ICE exchange, used to price beans around the world, are at their highest in nearly half a century on worries the upcoming crop in top producer Brazil has been damaged by this year's drought.Some farmers have as a result delayed deliveries in hope of securing even higher prices, while it has become very expensive for traders to hold short futures positions as a hedge against physical purchases.
'We're getting calls from everyone saying 'do you have the coffee you owe me?'' said one trader from a major coffee trade house. 'We think they owe the industry and the trade around half a million bags,' he said, referring to Atlantica and Cafebras.
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