Good news for coffee-drinkers: Brazil's next coffee crop is looking promising.
“Flowering of coffee trees was quite intense, quite impressive, and suggests we are having great quality this year," said Mario Ferraz, director of the Coffee Growers Cooperative in Guaxupe, according to David Fleischer, a professor at the University of Brasilia.
Dry weather is forecast for the next few weeks, which should help the beans develop. The 2012 harvest begins in May.
Brazil accounts for about 30 percent of global coffee exports and its production is expected to rise to between 57.5 million to 60 million bags next year, from 47.5 million this year, reports Bloomberg.
But the coffee crop elsewhere isn't faring as well. Coffee futures rose to a one-month high today as heavy rains continued in Central America and Asia.