Above the Fold

This Popular Beverage Is Catching a Bid From the Pandemic

As society continues to evolve to meet pandemic-driven social shifts, the humble, yet mighty tea leaf is gaining popularity (that might come at a cost). Tea is already the world’s most popular drink, yet it’s gaining even more acclaim as consumers look to the herbal wonder for its comfort, health benefits and variety as social distancing, remote work and seasonal changes drive consumption to record levels. Unfortunately, tea growers are already strained due to labor shortages, logistical challenges and poor weather. The supple strain, coupled with growing demand, has driven the price of wholesale tea leaves up 50% since March, according to the Wall Street Journal. 

Ironically, tea prices had fallen to their lowest levels in years just before the novel coronavirus triggered global shutdowns in early spring. The good news is that while consumer prices have risen a bit, the roughly 3.7 billion cups of tea consumed daily aren’t likely to stay pricey for long as most experts see this as more of a supply issue. Growers in Sri Lanka, the third largest global tea producer, are already seeing improvements in growing conditions. 

Three Things 

1. “Spaceballs” Helps Propel Tesla’s New Engine – In his second homage to the ’80s cult-classic movie “Spaceballs,” Elon Musk revealed Tesla’s new “Plaid” version of the Model S. The new Model S will reportedly have a range of up to 520 miles, zero-to-60 performance in under two seconds and a top speed of 200mph. In the movie, the starship Spaceball 1 goes “Plaid” after engaging its “Ludicrous Speed” boosters. 
2. Postponed Amazon Day Just Weeks Away – According to multiple sources, Amazon’s wildly popular one-day shopping event will occur on Oct. 13. And while the company hasn’t announced the date formally, they did confirm it would occur in Q4, which starts Oct. 1. Analysts estimate that Prime Day 2019 generated around $6 billion in sales. 
3. Two Exchanges Will Allow You to Bet on Water Prices – CME Group Inc. and Nasdaq Inc. are launching a new futures contract that allows buyers and sellers to buy, sell and trade water. As the world’s most critical commodity, farmers, speculators and others will now be able to hedge against drought, climate change and even inflationary pressures or infrastructure costs. The initial futures contract will reflect water transactions in the California market only.

Did You Know?

On This Day in 1789 …

Congress passed, and President George Washington signed the Judiciary Act of 1789, establishing the Supreme Court of the United States as a tribunal that would consist of six judges who were to serve on the court until retirement or death. President Washington nominated John Jay to be the first chief justice.