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Re: Where is the coffee deficit?
Consumption is a great mystery. Anecdotally, it seems that there is less consumption, yet we drew down GCA stocks during a supposed surplus. Regardless, it's not debateable that every single covid wave from the first, to last Sep-Oct-Nov, to this spring, to the current has brought with it pressure on coffee prices. I think the current weakness is definitely impacted by the persistence of the delta variant, and uncertainty it's creating. Ultimately it should be an opportunity, but it's hard to know downside short term. Be careful.