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

Go deeper

Updated 6 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6:30 a.m. ET: 30,199,007 — Total deaths: 946,490— Total recoveries: 20,544, 967Map
  2. U.S.: Total confirmed cases as of 6:30 a.m. ET: 6,675,593 — Total deaths: 197,644 — Total recoveries: 2,540,334 — Total tests: 90,710,730Map
  3. Politics: Former Pence aide says she plans to vote for Joe Biden, accusing Trump of costing lives in his coronavirus response.
  4. Health: Pew: 49% of Americans wouldn't get COVID-19 vaccine if available today Pandemic may cause cancer uptick The risks of moving too fast on a vaccine — COVID-19 racial disparities extend to health coverage losses.
  5. Business: Retail sales return to pre-coronavirus trend.
Mike Allen, author of AM
39 mins ago - Politics & Policy

Scoop: Mike Bloomberg's anti-chaos theory

CNN's Anderson Cooper questions Joe Biden last night at a drive-in town hall in Moosic, Pa., outside Scranton. Photo: CNN

Mike Bloomberg's $100 million Florida blitz begins today and will continue "wall to wall" in all 10 TV markets through Election Day, advisers tell me.

Why it matters: Bloomberg thinks that Joe Biden putting away Florida is the most feasible way to head off the national chaos we could have if the outcome of Trump v. Biden remained uncertain long after Election Day.

Biden's hardline Russia reset

Photo Illustration: Eniola Odetunde/Axios. Getty Images photos: Mark Reinstein

When he talks about Russia, Joe Biden has sounded like Ronald Reagan all summer, setting up a potential Day 1 confrontation with Russian President Vladimir Putin if Biden were to win.

Why it matters: Biden has promised a forceful response against Russia for both election interference and alleged bounty payments to target American troops in Afghanistan. But being tougher than President Trump could be the easy part. The risk is overdoing it and making diplomacy impossible.