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The Unexpected End of the Coffee Market Certs Crisis

This year we saw the #coffeemarket ICE-NY certified inventory reach the lowest level in over 20+ years and with prices well above tenderable parity for the foreseeable future, it looked like there was no end in sight.


Yet, over the last two months we have seen the certified inventory more than double from well under 400 thousand bags to over 800 thousand, with another 227k bags awaiting grading. How did this happen when Brazilian semi-washed, the cheapest tenderable coffee, has differentials trading at the highs?