ICE restores coffee status in New Jersey after hurricane damage
NEW YORK, April 2
NEW YORK, April 2 (Reuters) - ICE Futures U.S. said on Tuesday that nearly 25,000 60-kilogram bags of certified coffee stored in New Jersey can now be delivered, after temporarily losing this status following warehouse damage from Superstorm Sandy.
The exchange restored the deliverable status of all 24,700 bags of certified coffee in a licensed Continental Terminals warehouse in Kearney, N.J. This is 70 percent of all the certified coffee that had originally been flagged as undeliverable after the storm flooded parts of New York and New Jersey at the end of October.
The coffee was flagged on Nov. 16, 2012, after the building sustained water damage from the hurricane.
The deliverable status of the coffee was restored after the Board of Coffee Graders examined samples for signs of mold, odors or other conditions that could have been caused by the water damage that the warehouse sustained, ICE said.
The building had been placed under a moratorium, which prevented the storage facility from receiving or delivering any certified cocoa and coffee, in November. This was lifted on March 21.
Continental operates five ICE certified cocoa warehouses and three certified coffee warehouses in New Jersey. Continental reported a total of 7,100 bags (137 lbs-152 lbs) of certified cocoa and 35,000 bags of certified arabica coffee were in warehouses that had sustained damage, causing them to lose the ability to be delivered.
This accounted for 0.9 percent of the certified cocoa and 8.2 percent of the certified coffee stored in the Port of New York at that time.