Jan 18, 2020

Coffee edges toward a bear market

Photo: Nelson Almeida/AFP via Getty Images

Coffee is hovering on the edge of bear-market territory amid shifting supply expectations in Brazil, Bloomberg reports.

By the numbers: As of Friday, ICE stockpiles showed their first consecutive weekly gain since August, with weakened Brazilian currency increasing interest in "exports priced in the greenback," per Bloomberg. Coffee beans for delivery in March declined to $1.1215 a pound on ICE Futures, and the price fell 19% from a December high — inching closer to the 20% threshold of a bear market, Bloomberg writes.

  • Brazil's top arabica shipper Cooxupe said it was running low on beans to fill new orders, "countering forecasts of ample supply that drove prices to 13-year-lows," Bloomberg notes.

What they're saying: “As the crop was smaller last year, the big export volume implies Brazil probably had ample inventories,” Nelson Carvalhaes, CeCafe president, said at a press briefing.

Go deeper: Investors react to Brazil's plummeting coffee reserves

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Letter from Planet Bloomberg

Illustration: Aïda Amer/Axios

Mike Bloomberg's campaign feels corporate. It's calm, orderly and punctual. His audiences clap politely, and you can't walk two steps without running into a paid staffer with talking points. Nobody whoops or yells. Nothing is left to chance. No expense is spared. The candidate is self-consciously low-key.

The big picture: After being immersed in Donald Trump's freewheeling White House and campaign for more than four years, I found the day I spent flying around with Bloomberg's campaign last week in California to be a foreign experience.

Trump-Bloomberg feuding reaches new levels

Mike Bloomberg addresses local leaders in Oakland, California, as part of his focus on states with large numbers of delegates, Jan. 17. Photo: Ray Chavez/Bay Area News Group.

Maybe it was the eye-popping FEC data about Mike Bloomberg's Q4 spending. Or a rivalry over their Super Bowl ads. Or a change to Democrats' rules that may soon allow Bloomberg to participate in the primary debates.

In any case, President Trump raged overnight on Twitter, primarily going after the height of the 5-foot-8 billionaire who's running as a Democrat. And Bloomberg's campaign shot back, hitting Trump for his weight and hue.

Mike Bloomberg copies Trump to beat Trump

Photo: Timothy A. Clary/AFP via Getty Images

To beat President Trump, Mike Bloomberg wants to be candidate Trump.

The state of play: Axios visited Bloomberg's new campaign HQ in Times Square yesterday, and we were struck by how much his 1,000+-person team is learning from — while trying to surpass — the Trump campaigns of 2016 and 2020.

Go deeperArrowUpdated Jan 23, 2020