Coffee futures traded to a high at $1.76 per pound in November 2016 when it turned lower and made lower highs and lower lows culminating in a bottom at 92 cents per pound in September 2018. Before last August, coffee had not traded below the $1 per pound level since 2006 in a dozen years.
The move to which took the price to $1.2550 per pound over just five short weeks as the price of the soft commodity corrected by 36.4%. The move to the upside ended the pattern of lower highs, but it was not enough for a sustained recovery in the coffee futures market which turned lower again and fell to a lower low than in 2018 during the week of April 1, 2019. Recently, coffee fell well below 90 cents per pound as the bearish trading pattern continues to grip the futures market.