An exchange traded note that follows coffee futures was a bit lower Tuesday after JM Smucker (NYSE: SJM) raised coffee prices in its products by an average of 11%.
Smucker said the move covers the majority of its coffee products sold in the U.S., including Folgers and Dunkin’ Donuts.
“The increase in price is driven by sustained increases in green coffee costs,” the company said in a press release.
The iPath Dow Jones-UBS Coffee ETN (NYSEArca: JO) was down 0.4% on Tuesday. The note was up 7.4% for the year-to-date period through May 20, according to Morningstar.
Smucker’s coffee price increase Tuesday was its fourth and biggest hike in a year, Reuters reported. Smucker has raised prices by a total 38% since last May, according to the report.
iPath Dow Jones-UBS Coffee ETN
Chart source: StockCharts.com
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