Coffee prices surge on worries about Brazil's crop

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News,Business,Food and Drink,Agriculture,Brazil

Coffee prices are surging again as traders worry that dry weather in Brazil will affect that country's crop and hurt supplies.

Natural gas futures are also sharply higher because of the severe cold weather in the U.S. and concerns over supplies.

The actively traded May contract for coffee beans soared 17.8 cents, or 12 percent, to settle at $1.73 a pound. Wholesale coffee prices haven't been that high since October 2012.

May coffee futures also rose 12.6 cents the day before on the same concerns.

In energy trading, U.S. crude for April delivery rose 74 cents at $102.84 a barrel.

April natural gas gained 19.7 cents to $4.95 per 1,000 cubic feet.

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