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Local roasted coffee beans, Arabica, in Minca, Colombia. Photo: EyesWideOpen/Getty Images

Extremely dry conditions in Latin America have led to a slowdown in coffee harvesting in Honduras, causing prices to surge 20% on the Intercontinental Exchange in recent weeks, the Wall Street Journal reports.

Driving the news: Coffee futures in mid-October were at $.93 a pound and have now reached around $1.157, spiking a total of 12% over two trading sessions last week alone, per the Journal.

The backdrop: Honduras is the third-largest producer of arabica coffee in the world and has a "disproportionately high influence on futures prices," according to one commodities brokerage firm cited by the Journal. It's here and in other arabica-growing countries like Peru and Brazil where dry conditions have taken a toll.

  • Coffee demand is expected to rise globally in the coming year. But the International Coffee Organization is forecasting a decline in world coffee production by 0.9%, to 167.4 million bags for the 2019–20 marketing year.
  • That is being driven by a 2.7% decline in arabica production, which is on pace to fall to 95.68 million bags.

Go deeper: The scientists saving coffee from climate change

Go deeper

4 mins ago - Politics & Policy

President Joe Biden: "Democracy has prevailed"

Photo by Alex Wong/Getty Images

President Joe Biden sought to sooth a nation riven by political divisions and a global pandemic, but warned that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

The big picture: Moments after taking the oath of office, Biden spoke on the Capitol’s West front, from the very steps that a pro-Trump mob launched an assault on Congress two weeks earlier. They were attempting to overturn an election where Biden defeated former President Donald Trump by more than 7 million votes.

Updated 14 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden is delivering his inaugural address at the Capitol. Watch a livestream here.

What's next: Biden and Vice President Harris review readiness of military troops, a long-standing tradition to signify the peaceful transfer of power.

Updated 22 mins ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.

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