The new “work-from-home” population has gone through the process of “pantry-stockpiling” of coffee, while coffee shops and restaurants remain closed, allowing only for drive-thru purchases. All the while, a strong U.S. dollar and continued “risk-off” mentality adds pressure to most all commodity prices. In addition to the lack of bull participation on the July coffee contract, the outlook of Brazil’s extremely large crop on the horizon, new bullish news will be needed to support coffee prices. Our friends at the Hightower Group reported that “the outlook for a record-size crop out of Brazil this year continues to be a bearish force.” I could not agree more.  As demand for coffee is kept in check as we wait it out for more testing, treatments and ultimately a vaccine for Covid-19, the bulls will likely keep their distance from coffee.