The important factor to keep in mind is that total coffee stocks do not necessarily indicate an abundance of coffees that are deliverable against the ICE C Coffee Contract. Part of the problem is that non-commercials/speculators look at coffee as a fungible commodity, no different than soybeans and corn. But in reality coffee demand and use is very origin specific. The ICE C Contract is specific to washed mild coffees such as those produced in Central America, Colombia, and a few other origins. For example, the great majority of Brazilian coffees are not deliverable against the ICE C Coffee Contract. Non-Commercials and Spec Funds typically look at coffee stocks in the aggregate as an indication of what levels the ICE C Contract prices should trade. Fortunately, origin differentials provide coffee producers with the ability to adjust cash prices to levels that make sense for them. We have seen a dramatic rise in differentials for wash mild coffee in recent years.