Brazil is the largest exporter of coffee beans. According to the International Coffee Organization, world exports were at a record 111.7 million bags last year, with Brazilian shipments rising 15% to 36.3 million.

Looking ahead, Commerzbank expects the Brazilian real currency, citing “prolonged weakness of the real due to the weak macroeconomic fundamentals, the complicated political situation and the social unrest.”

The continued weakness in the real could further support Brazilian exports and keep pressure on the coffee market.

iPath Dow Jones-UBS Coffee Total Return Sub-Index ETN

For more information on the coffee market, visit our coffee category.

Max Chen contributed to this article.