How much *arabica* inventory do you estimate Asian and African exporters have available on-hand to sell into a tightly supplied market? If you think it's ~20mln, then yes the analogue is similar to 1994 (which, again, saw $5.00 in current USD price). I think they have fewer than 5mln *arabica* bags combined.

Bear in mind that some stocks are required for working capital purposes - you cannot have zero inventory as a coffee merchant or roaster and expect to exist as a business for very long. Stocks will not fall to zero anywhere, but price can rise to ration demand.