Diffs are at extremely high levels, NY Coffee C is extremely at low levels, and there is only a little or no physical business now.
The Coffee physical Biz is practically dead. There could be good demand but Origins have time to fix against September and don't want to sell at these low prices.
We are finishing the half a year period, the weather has not been good for harvesting in Brazil. The harvesting level is well behind than normal and even though we are entering into the lower consumption period and Brazil is very aggressive devaluating its currency, Funds are extremely short and a good portion of them need to take profits out for this half of the year period, which ends up this Tuesday.
There is a lot of conversations or ideas for a serious consumption contraction of Restaurants, cafeterias, Hotels etc.. Well, Home consumption which is 80% of the total consumption has risen significantly and all the economies are opening, coffee shops will do too. I found too much exaggeration and mal intention of how the bears traders handle the news.