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Re: Brazil , ICE certified coffee and exports to producing countries .
My 2 cents is thats not very much. 70 or 80 mm bags would be. The global coffee balance sheet has not been very bearish in quite some time...we just traded optically cheap prices because of an historic BRL bear market. If we had a bearish coffee balance sheet we would have seen 70 cents IMO. As such were much closer to uncomfortable levels than the market realizes and a 10 million deficit takes us to a similar level of stocks to use that we saw in 2010-2011. I dont think price will trade 3.00 or even close like back then because of the BRL but 150-200 is easily doable but requires demand.