Coffee futures are struggling for direction toward the end of the trading week as the market is bracing for Brazil dumping a huge supply of beans on the New York market. A weaker Brazilian real and an enormous harvest have led to enormous output, which could put a stop to the agricultural commodity’s 33% rally since June.

December coffee futures are flat at $1.3145 per pound at 16:39 GMT on Thursday on the US ICE Futures exchange. Coffee prices are on track for a weekly gain of about 7%, bringing their year-to-date surge to nearly 2%. Coffee is trading at its best level since January.

According to Bloomberg News, Brazil will soon flood the ICE Futures in New York with rare coffee cargoes. Major traders are getting ready to accept a massive shipment of Brazilian coffee beans that will be transferred to warehouses monitored by the US ICE Futures exchange. After they are sampled, graded, and approved, the imports could be the biggest increase in exchange reserves from Brazil in more than three years.

It is estimated that the South American country produced a record 67.7 million bags of coffee in 2020. Importers took advantage of the bumper crop and slumping Brazilian real, which crashed to a record low of 5.96 against the US dollar earlier this year.  The currency has rebounded since then, but it is still down more than 31% year-to-date.

But ample supplies coming from Brazil could be offset by falling production in other foreign markets amid poor weather conditions.

The iPath Series B Bloomberg Coffee Subindex Total Return ETN (JO) picked up modest gains on Thursday, edging up $0.28, or 0.71%, to $39.57 per share.

In other agricultural commodities, November corn futures shed $0.0425, or 1.18%, to $3.545 per pound. November wheat futures shed $0.055, or 0.99%, to $5.5275 a bushel. November soybean futures were unchanged at $9.62 per bushel.