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.

The increase comes after the cost of Arabica coffee from Latin America jumped nearly 2%. The jump came after President Donald Trump said he would impose a 25% tariff on Columbia, but that decision was put on hold.