GCA stocks have not been a major mover of the coffee market. They are buffer stocks and not excess stocks. They are not meant to be draw-down in any material way. The current number is the same as it was 16 years ago when demand was much less. It is a bullish number.
I would argue in the current logistical delay situation the world is on...there is no way for this number to fall materially hence this is not a metric to determine bullish fundamentals in the coffee market. Blessings to all.