Has coffee hit a bottom?
The last 7 days:
Coffee 3 months below
Coffee 5 years below
Drought in Brazil in 2014 caused a spike
Drought in Brazil and bad weather globally in 2010 caused the 2011 spike
This is where they grow coffee in Brazil(world's biggest producer):
Historical average/seasonal prices.
Coffee frequently displays seasonal weakness in the Summer thru and after the harvest. Flowering season is coming up for the new crop and the long dry season must come to an end, ideally by October as rains are needed to trigger flowering.
A failure of rains to appear becomes increasingly bullish in October.
Rains for South America
Increasing chance in early October?
Widespread near record heat from Northern Argentina into Brazil!
Increase in rains for the week 1 forecast hit coffee today. This would trigger some very early flowering.
Forecast Hour: 180
Image URL: http://mag.ncep.noaa.gov/data/gfs/18/samer/precip_ptot/gfs_samer_180_precip_ptot.gif