Coffee futures hit 2 1/2 year highs at 220, via drought conditions in Brazil and Vietnam, the largest producers of Robusta coffee. Inflation primer for 2024 in lieu of 2021 and 2022 whiff of global stagflation. Redux in 2024?

 

• Brazil's Minas Gerais region (30% Brazil's Robusta).  2.5mm rainfall, below 12% historical average - Soma Meteorologia.

• Vietnam's Robusta output will drop -20% on drought conditions - Vietnam's Agriculture Department.

Coffee futures are moving towards 2 1/2 year highs at 220, closing in on 8th Nov 2021 price of 221, when coffee peaked out on 7th Feb 2022 at 252

Price support/s at: 199, 146

Price resistance at: 221    

Year-to-Date trading range: 170,192