Cert Stocks Below 1 Million, What Next?

One of the key components that I use, when trying to ascertain fair value of #coffeefutures is the #certifiedinventory, and the outlook is...not so good.

We have been seeing one of the largest cert draws in the history of #coffee and we recently passed an important milestone the 1 million bag threshold. Coffee is now below the 1 million bag level for the second time in just a couple of months, and unfortunately this trend looks set to continue.