Your latte could get even more expensive, thanks to a drought in Vietnam that's strangling coffee bean production

• Robusta coffee futures hit a 16-year high because of a prolonged drought in Vietnam.
• Vietnam and Brazil, the top robusta producers, face climate issues affecting harvest and supply.
• Vietnamese farmers are also holding onto their beans, hoping to sell them for higher prices.

Lattes may get pricier, as a key indicator for the price of the bean in espresso just hit a record high.

The robusta coffee variety is the basis for both espresso and instant coffee. Vietnam makes the most robusta, followed by Brazil.

A long, El Niño-induced drought in Vietnam pushed up the price of robusta futures on Wednesday to the highest in at least 16 years, Bloomberg reported.