From Reuters one of the explanation is: "traders citing fears of long-term demand reduction".
This is in line with what Tina brought to our attention from Rodrigo's report:
"In some data that I dug before writing the report I found that the out of home portion today represents anywhere from 20% to 30% (depending on the country) and while some will drink more coffee at home, which can compensate a bit, I think disappearance will not be able to offset the losses as consumers are also worried about their financial situation."
Still from Reuters: "The market had run higher focusing briefly on supply-side risk but that has been resolved from now and reality sank in that there will be a huge loss in demand' said J. Ganes. ...She also expects arabica use to suffer from a shift to more instant coffee consumption. Instant coffee is mostly consumed at home while arabica is the choice for restaurants and cafes."