The standard operating procedure in an on-season Brazil crop is project record crops until Mother Nature says otherwise.
We will see soon enough projections made by many for a 65 million bag to 70 million bag crop in Brazil. So long as those estimates are believed the coffee market will struggle to rise.
The Flowering season starts in September. We are expecting drought conditions for a good portion of the September/October timeframe.
Historically, coffee prices don't typically react to the upside on Brazil flowering drought unless it continues into the back half of October.
In the meantime, coffee prices will rise and fall based upon technical factors and Real movements.
All the best.