The worst blind is the one that refuses to see.
The warehouses in Brazil are still full due to beatiful crop last year, but still we have May and June to close the crop year, meaning that 10 mio bags will be gone and most of the coffee left has been fully hedged, belong to big companies that took advantage of good differentials. Todays prices are being offered at very high prices. Coffee left is being held by very strong hands. Commercials are holding a record short position. MM smelled the blood. GT
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