Volatility and Inversion in the Calendar Spreads

The #Arabica #coffeemarket was inverted by 5 bps in N22/U22 as of 7:18am. This is VERY unusual. I'm not trying to be alarmist here, I just want to highlight that this is a unique time in the #coffee #markets.

I will examine why this is unique below, but here is some context for those who are unfamiliar with market structure.