The global coffee industry’s cyclical decline continued with an 8% drop in global exports in November, the third straight drop. That was led by Brazil (down 13%) in absolute terms due to a continued poor harvest, while Indonesian shipments slumped 52% as warehouses ran low. There are signs of a turnaround though. Vietnamese exports fell 6%, slower than 26% a month earlier, while buyers are reportedly waiting for the arrival of a bumper crop. Early buying activity can be seen in U.S. data, with imports having risen by 4% in December after a 9% decline in the prior three months. Coffee ...