Coffee prices dripped to a three-month low on Friday, trading at less than $1.03 per pound.
The commodity has been extremely wild during the COVID-19 pandemic, with five moves of more than 20% so far this year.
Demand and prices surged as Americans hoarded groceries, including their daily caffeine fix, pushing prices near $1.30 per pound in March. During the last few months, demand has been falling as consumer use up supplies at home.
Meanwhile, the Brazilian currency, the real, has fallen to record low prices. Brazil is the world’s second-largest coffee grower, and as its currency collapses, it pulls down prices of Brazilian-produced commodities such as sugar, soybeans and coffee.