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iPathA Series B Bloomberg Coffee Subindex Total Return ETN
I pointed out a week or so ago that there were enough bullish fundamentals for coffee (JO) prices to break above resistance, and they did. Now, ocean temperatures in the Pacific are similar to the 1985 Brazil coffee drought. Then, Brazilian coffee areas were much further south than today. Usually, La Nina brings an improvement in conditions deeper into the Brazil summer.
Sources: Coffee chart from Moore Research; Sea Ocean Temp Map from Jim Roemer at Best Weather Inc.
Brazilian coffee production alternates year by year. Prices fell below $1.00 a few