My take is that CC is very bearish looking these days. Any bullish splash these days would be a selling opportunity imo. In brief:
1) this year crop is very big, probably 10-15% higher than last year's which was quite big as well
2) this year (in June) Ivory Coast and Ghana governments attempted to lift the prices by saying they wouldn't allow sales if export price would be less than 2,600. They failed.
3) based on 1 & 2 (and probably something else) funds stopped buying and have been active sellers for last few weeks.
OI in CC is 290k, margin requirement is USD1,900 so it only takes half a billion in margin to control 100% of the market. This is an indication of how tiny this markets is. It is easy for big players to operate like shuttles between extreme positive and extreme negative boundaries, they change sides every 6-12 months.