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Commodities analysts have grown increasingly skeptical, however.
While commodities analysts emphasized that there is no reason to fear another global wheat shortage, governments and companies worldwide are preparing for the worst.
The stronger-than-expected import data may also reflect inventory buildups as Chinese importers took advantage of price swings to stock up on crude oil, copper and other commodities, analysts said.
What is more, because there are now fewer players on Wall Street, banks are able to charge higher fees for simple tasks, like buying bonds for hedge fund clients, and making trades in rates, currencies and commodities, analysts said.
Commodities analysts confirm that, in a global market awash with speculators' cash as a result of the quantitative easing policies of governments trying to end the recession, the price of coffee bears little relation to supply.
In the face of Europe's woes and the weak US recovery, Chinese growth has become more important than ever: the ripples are already being felt globally, with commodities analysts blaming tumbling prices on falling demand from China.
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"The market is in a vacuum," said Arthur Stevenson, a commodities analyst at Prudential Securities in New York.
"It makes sense that investors would have interest in diamond-backed funds," said Joung Park, a commodities analyst at Morningstar.
"The bull market is still very much intact," said James Steel, chief commodities analyst for HSBC in New York.
"There has been rain but it's not enough to repair the damage," said Carlos Mera, a commodities analyst at Rabobank.
The bridegroom, 29, graduated from the University of Pennsylvania and is a stock and commodities analyst at Soros Fund Management in New York.
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