Arabica coffee futures on ICE traded around $2 per pound, below a 7-year high of $2.1 reached on Oct 12th, amid profit taking by the speculators after the recent surge in coffee prices. Heavy sell-off of the crop futures was also seen as Brazilian producers saw their local currency relative to US dollars weakening further, owing to the ongoing economic and political turmoil in the country. Still, demand for the crop stands firm. Montesanto Tavares Group, one of Brazil’s largest coffee processors, said stocks in the country were above expectations while he also sees strong production next year, tracking the strong current flowering season. Historically, Coffee reached an all time high of 339.86 in April of 1977.