UPDATE 1-Kraft lowers price on Maxwell House, Yuban

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NEW YORK, March 31 (Reuters) - Kraft Foods Inc (KFT.N: Quote, Profile, Research) joined other major U.S. roasters on Monday and lowered list prices on its Maxwell House and Yuban ground coffees by about 6.5 percent, due to falling green coffee prices, a spokeswoman said.

The adjustment will see a price decrease of 20 cents per 11 to 13-ounce equivalent, effective immediately, spokeswoman Bridget MacConnell said.

Kraft lowered its coffee price "because of the decline in green coffee prices since our last pricing action," MacConnell said.

The downward price action follows recent price hikes in early March and mid-February due to rallying coffee futures markets. The key May contract 1KCK8 hit a 10-year high at $1.719 per lb in late February.

Long liquidation followed, pushing the contract to a 3-1/2-month low at $1.2585 per lb March 20, and it has since traded sideways.

Kraft's move follows trendsetter Procter & Gamble (PG.N: Quote, Profile, Research), which lowered the list prices of its Folgers Ground coffee March 27. On the same day, Massimo Zanetti Beverage Group also decreased the list prices of its roast and ground coffees including well-known brands Chock Full o'Nuts and Hills Bros. (Reporting by Marcy Nicholson; Editing by David Gregorio)