Caught some interesting coffee action on Monday - arabica up 1.37% and robusta jumping 4.08% to a 2-week high. Prices are getting a boost from geopolitical tensions affecting shipping through the Strait of Hormuz, which is pushing up global freight and insurance costs for importers and roasters. On the flip side, Brazil just got some decent rainfall in Minas Gerais (their biggest arabica region), so that's tempering gains a bit. The bigger picture though is mixed. Brazil's forecast keeps climbing - they're now expecting record production of 66.2 million bags this year, up 17% from last year. Vietnam's also pumping out coffee at record levels, with January exports surging 38% year-over-year. That's a lot of supply hitting the market. But here's what caught my eye from Barchart's commodity analysis - ICE inventories are actually recovering after hitting multi-month lows. That recovery typically weighs on prices. Colombia's production dropped 34% though, so at least there's some supply tightness there. The war between supply optimism and shipping cost pressures is keeping things volatile. Curious to see which way this breaks next.