Last Friday Andrey and I had a discussion on the relationship between U.S. Certified and non-Certified coffee stocks. That chart shows a very dramatic move away from certified coffee stocks in the U.S. Following that conversation and with 93% to 94% of ICE Certified Coffee Stocks being held in Europe, I decided to try my best at developing the entire picture regarding ICE Certified Stocks. To do so I had to get an idea of how much non-Certified coffee was being held in EU warehouses. This is not easy as the ECF (European Coffee Federation) no longer tacks coffee stocks held in Antwerp. Also, the last report on the ECF’s website for coffee stocks is as of January 31, 2020. Using an average monthly percent change in other EU warehouses, I came up with an estimated January 31, 2020 stocks level for Antwerp at 6,207,285 bags. From that I was able to garner an idea of non-certified coffee stocks being held in Europe. With that said, I have developed the included chart. I would appreciate your constructive feedback or criticism. Thank You.