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UPDATE 1-Kraft boosts coffee prices for Maxwell, Yuban
August 6, 2010 / 3:57 PM / in 7 years

UPDATE 1-Kraft boosts coffee prices for Maxwell, Yuban

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NEW YORK, Aug 6 (Reuters) - Kraft Foods KFT.N raised the list price on select Maxwell House and Yuban ground and instant coffees in the United States, a spokeswoman said on Friday.

The increases are 30 cents per lb equivalent on ground coffees and 2-1/2 cents per ounce on instant, said Bridget MacConnell, Kraft spokeswoman.

The price hike comes three days after trendsetter J.M. Smucker Co (SJM.N) raised list prices 9 percent for most of its Folgers, Dunkin’ Donuts, Millstone and Folgers Gourmet Selections coffees sold in the U.S. retail market.

The Maxwell House Cafe line of specialty soluble items is not included in the price change, Kraft said.

“Increases are due to sustained increases in the cost of green coffee,” MacConnell told Reuters in an email.

Arabica futures KCc1 trading on ICE have surged 35 percent over the past two months, reaching a 12-1/2 year high on Aug. 2 at $1.8150 per lb. There are steep premiums on the physical market as top washed-arabica producer Colombia and Central America continue to face tight supplies. (Reporting by Marcy Nicholson)

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