Hurricane Rina bound for Cancun, Mexico
Hurricane Rina is now a Category 2 hurricane, and is forecast to reach Cancun, Mexico, Thursday. Coffee futures are up due to expected losses due to hurricane Rina in the region.
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The U.S. National Hurricane Center said Rina, the sixth hurricane in the Atlantic this year, is expected to make landfall on Mexico's Yucatan Peninsula early Thursday after hitting Belize, both of them home to beach getaways.
Authorities have issued a hurricane watch for the east coast of the Yucatan from Chetumal to Punta Gruesa.
Rina, now a Category Two hurricane on the Saffir-Simpson intensity scale, was located 305 miles east southeast of Chetumal, Mexico with maximum sustained winds of near 100 miles per hour, the forecasters said.
``Additional strengthening is forecast during the next day or so,'' the Miami-based hurricane center said. ``And Rina could become a major hurricane by tonight or early Wednesday.''
The hurricane is not expected to threaten Mexico's oil-producing region in the Gulf of Mexico.
Honduras, Central America's largest coffee producer, had its coast brushed by the storm but coffee-growing areas were largely spared from more rains after major downpours last week ravaged roads to farms before the harvesting season.
Farmers are still assessing damage from the earlier rains but national coffee associations say that infrastructure damage will be the biggest challenge.
On Monday, Arabica coffee trading on ICE Futures U.S. got a boost from concerns about Rina after two weeks of rain that killed around 100 people in Central America.