Global coffee exports fell 1% on a year earlier in April, the first drop since July 2016. That was the result of a 14% contraction in shipments from Brazil not being offset by a 14% rise in volumes from Vietnam. The latter may have seen falling exports in May, however, as inventories have been depleted. U.S. imports dropped for the first time since October by 2%, with a 16% drop in purchases from Brazil. Surprisingly buyers including Rothfos and Folgers also rejected Vietnamese shipments, which fell by 8%. Instead Guatemalan, Colombian and (presumably) inventory drawdowns were utilized. ...