Global arabica coffee prices hit record highs above $3.60 per lb on Wednesday as Brazil, by far the world's largest producer, has few beans left to sell and as worries over its upcoming harvest persist.

Arabica coffee prices hit an all-time high on the Intercontinental Exchange at $3.48 a pound, according to the Wall Street Journal. Coffee prices are up more than 40% over the last three months and 79% year-over-year,

Arabica coffee prices hit a record level, as traders digested the withdrawal of President Trump’s threats to impose tariffs and economic sanctions on Colombia.

Coffee prices have soared to a record high after Donald Trump’s threat to slap Colombia with trade tariffs sent jitters coursing through the market.