Brazil is the world’s largest coffee producer and the winter there was colder than expected this year. The impact of more frost than expected in Brazil’s coffee-growing regions still is not clear on this year’s coffee crops.

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JO, like other commodities products, is benefiting from the slumping U.S. dollar. However, some believe the PowerShares DB U.S. Dollar Index Bullish Fund (NYSEArca: UUP), which tracks the price movement of the U.S. dollar against a basket of currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, is poised to rebound. That could make commodities ETFs of all varieties vulnerable to some downside.

“Looking at the daily chart for December Coffee, we notice prices staging a sharp rally since the middle of August as a “V” bottom was formed. Prices are now above both the 20 and 200-day moving averages and the 14-day RSI is strong with a current reading of 66.93,” adds OptionsExpress.

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

iPath Bloomberg Coffee Subindex Total Return ETN