New York, April 6 - J.M Smucker Co's Folgers coffee brand has raised the list price of its 100 percent roasted Colombian coffee by an average of 19 percent, effective immediately, the company said on Friday.
"This increase reflects the significant cost in Colombian beans due to supply issues with Colombian coffee," spokeswoman Maribeth Badertscher.
Colombia is the third biggest coffee producer in the world. The combination of heavy rains and a renovation program to replace old coffee trees with new ones has caused supply shortages and shipping delays in the country.
The tight supplies have caused the cash market to soar, with the premium for Colombian UGQ (usually good quality) beans selling at an average of 59.5 cents over the ICE benchmark "C" coffee futures contract.
The ICE benchmark May contract .closed up 1.60 cents at $1.1840 per lb Friday.