Speciality coffee by its nature is fairly traded. Rather than being treated as a commodity on the futures market, it is traded on its quality, which in turn demands a premium price for the farmer. For example, in May 2006 'Hacienda la Esmeralda Geisha' coffee, from Panama, set a record of USD50.25 per pound at online auction (This award winning coffee retails for over USD100 a pound). More over, it is not only third world countries which grow coffee, developed nations such as Australia and United States (Hawaii) also have established industries.