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Longer term coffee price and specs *PIC*

I think this chart is revealing. For the past few years, an even higher level of spec shorts have not been able to forge new lows in price.

Crop size has been flattish in arabica for the past 5 years according to USDA data, so that doesn't seem to be the reason.

Perhaps the silent engine of consumption is evident.

The bad news for the bulls is the time spent by the specs at big short levels can run a year or more. We are only about half that now.

Also interesting is the pickup in index buying-- ostensibly longer term money.

Thank you all for the intelligent and relevent commentary from which we all benefit.

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Longer term coffee price and specs *PIC*
Re: Longer term coffee price and specs