May arabica coffee (KCK24) this morning is up +2.75 (+1.48%), and May ICE robusta coffee (RMK24) is up +85 (+2.49%). Coffee prices this morning are sharply higher, with May arabica posting a 2-week high and May robusta posting a contract high. Robusta coffee prices saw support from today’s projection by the Vietnam Coffee Association that Vietnam’s 2023/24 coffee exports will drop -20% y/y to 1.336 MMT as dry weather reduced coffee yields and production. The strength of robusta prices today provided carryover support to arabica coffee. A negative factor for coffee is the recent above-average r…