Coffee consumers of the world are cheering, while producers continue to shed tears into their coffee cups as the price of the soft commodity hit a new low this week. The price of nearby coffee futures on the Intercontinental Exchange fell to a low at 86.35 cents per pound on May 7 with nearby July futures reaching 87.60 cents. The next level of support stands at the 2005 low at 84.45, and the price is closing in on that technical milestone. Before mid-August 2018, the price of coffee futures had not ventured below $1 per pound in twelve years since 2006. However, a combination of bumper crops of Arabica beans and a decline in the value of the Brazilian real sent the price of the coffee futures market reeling.