Yesterday ICE Stocks were: 1'437,205 bags
And.. I' m very sorry ICE stocks matters.
The reason of ICE stock are dropping is because that coffee is cheaper than buying overseas where the price differentials are still very high now. Also to have access to ICE stocks is relatively easy.
People that are not in the physical business, don't understand the whole picture.
But as you say, you are right, there shouldn't be any shortage, unless an adverse weather happens I will add.
Carry over use to be huge figure, but I don't know at this time. Stocks at Origin are thin figure now. There is more coffee at destiny, but also you cannot trust that much either. There is a lot of coffee that many importers have sold coffee at very much lower price differentials ( they were selling short diffs), now they have to buy the physicals and they have to pay higher price diffs. Some of them are really screw up.
New York C is still dislocated. The coffee market has ti go up and price diffs very much down. Thta is my bet.
GT and thank you for your post Tango
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