Just checked the coffee futures and both contracts are getting hammered today. May arabica down nearly 0.9% and robusta off about 0.8% - the whole market is under pressure from supply expectations. Brazil's looking at a massive harvest this year, up like 17% according to their latest crop report, and the rain in Minas Gerais has been solid for the plants. Vietnam's also pumping out robusta exports at crazy levels, which is keeping london robusta coffee prices under pressure. January alone saw their shipments jump 38% year-over-year. What's interesting is the ICE inventory situation - robusta stocks have been recovering lately after hitting lows a few months back. That's usually bearish for prices. The broader story is pretty clear though: global production is expected to hit record levels next season, so unless something changes with weather or demand, we might see coffee stay under pressure. Been watching this unfold for a while and the fundamentals just don't support a rally right now with all this supply coming.