J.M. Smucker, which makes Folgers coffee and also licenses the
Coffee futures hit a three-decade high of $3.0615 per pound on May 3 but have come down somewhat from that price in recent trading sessions. The commodity most recently settled at $2.6255 per pound on Monday.
J.M. Smucker shares were unchanged in premarket trading Tuesday after closing Monday at $76.91. J.M. Smucker said that green coffee costs were "significantly higher in the second quarter of 2011." Smucker raised prices of its Folgers and other well-known brands by around 9% earlier this year. Starbucks (SBUX) said earlier this month that it already contracted its coffee purchases for the remainder of fiscal 2011, locking in its costs, so it likely won't need to raise prices in the near-term.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV