Coffee futures were down over 4% Friday as investors engaged in profit taking and lower prices triggered sell-stop orders, reports Alexandra Wexler for the Wall Street Journal.

“There’s no upside, so there’s new speculative selling,” Jack Scoville, a vice president at Price Futures Group, said in the WSJ article. “[Speculators] are closing out more long positions [bets that prices will rise], I suspect.”

Additionally, better weather conditions in Brazil, a major producer of coffee, have also pressured prices.

“It’s a classic weather market,” Shawn Hackett, president of Hackett Financial Advisors, said in the article. “The forecast [in top-producer Brazil]was for two or three weeks of dry weather, but now they’re saying it might rain.”

For more information on coffee, visit our coffee category.

Max Chen contributed to this article.

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