Hopefully this will work this time. A few points. This balance sheet is backed off of USDA data and assumes a 2MM bag increase over USDA for Brazil this year (69.9 MM bags total). I have not lowered Vietnam from 29.2 or Central America. Next year I am assuming a 55.5 MM bag Brazil crop and 31 MM Vietnamese. The biggest thing I expect to get hung out to dry over is the demand increase for next year. I sent a chart also below as to why I have demand increasing so much. Simple reversion to trend. I stand by the assumption as coffee has proven time and again demand recovers after extended weakness, and usually does so to above trend numbers...see 2005, 2009, and 2015 below.

https://imgbox.com/i4lzFdEQ
https://imgbox.com/Ym1ApUsd