Coffee aficionados around the globe cringed because the price of coffee is still at historic lows. According to Reuters, the World Coffee Producers’ Forum announced on Monday that the industry is currently facing an economic crisis due to the decline of coffee prices, meaning many farmers are “operating at a loss.”
Some of the farmers in Latin America have begun planting coca, the plant from which cocaine is derived, to offset the losses of their coffee harvests.
“You will find in some places coffee growers will now grow coffee and coca,” said the Colombian Coffee Growers Federation CEO Roberto Velez, adding that coca production was “at an all-time high.”
Arabica futures sat at 98.90 cents per pound on Monday, barely up from two weeks ago when it hit a 12 year low of 98.65 cents, according to Daily Coffee News. This means that many coffee farmers won’t be able to break even unless the prices rise significantly.