By Leslie Josephs The Wall Street Journal March 8, 2011 Arabica coffee futures hit a nearly 14-year high, as a pound of unroasted beans fetched nearly as much as a cup of brewed gourmet coffee. Worries that scarce supplies won't be able to keep up with increased demand sent arabica for May delivery up 3.1% to settle at $2.8115 a pound on the IntercontinentalExchange, the highest price since 1997. The front-month contract, for March delivery, ended up 3% at $2.8095 a pound. Bad weather in Central America and Colombia have kept prices high, with Arabica coffee prices rallying more than 46% over the past six months. On Monday, few shipments out of top coffee producer Brazil helped fuel the surge in prices. Shipments have waned because of the Carnival holiday. "There's not too much selling around so that gives it more upside potential," said Rodrigo Costa, an analyst with brokerage Newedge. The International Coffee Organization has said global supplies l...