But for now the market is still in 20/21 surplus and has to digest it. Funds are long in KC, exports are rising and stocks too, i think spreads will remain weak.
Once we really get into the 21/22 deficit though (probaly 2nd half 2021) i think prices will rally significantly, regarless of the BRL (if there is just not enough coffee in Brazil, then the BRL will not make coffee grow on the trees).
Also, BRL could rally. Inflation in Brazil has picked up and central bank might be forced to raise rates soon, which should be supportive for the BRL.
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