Traders fear widespread defaults going forward Farming unions defend bid to renegotiate contracts
NEW YORK/SAO PAULO/LONDON, May 25 (Reuters) - Coffee farmers in top producer Brazil are trying to renegotiate their sales contracts with exporters and traders at higher prices, sparking industry fear over widespread defaults, brokers, traders and a union representing growers said.
Farmers and their representatives want more than what they had accepted months or even a year ago, saying coffee prices have surged because drier-than-normal weather is expected to sharply reduce production.
Others who are late delivering their coffee are asking to postpone shipments to next year.
CORRECTED-Brazil farmers seek higher prices on pre-sold coffee as deficit looms reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.