I’d have to look at some long-term charts to tell you how much of a correlation there is between coffee & wheat and I will say that in recent years, there has been a fairly positive correlation between the 2 as well as just about any agricultural commodities, as all have been in powerful bear markets for the past several years.

Not being an expert in the field, I would think that there shouldn’t be much of a correlation between coffee & wheat as they are typically grown in different parts of the world (tropical vs. temperate climates). However, it does seem that they’ve had a decent correlation recently but I just wouldn’t bank on that always being the case.