July ’20 coffee futures start the day with a positive reversal on threat of tightening near term supplies and concerns of harvest issues. Reports continuously indicate shrinking coffee stocks and the threat of coronavirus impacting labor during harvest. This creates an interesting situation for the coffee market. There could be strong volatility with headlines shifting between near term bullish and long term bearish fundamentals. However, with bullish near term tight supplies and potential for abundance down the road, there could be a major discrepancy created between front month and differed futures contracts which could be an exciting opportunity for spread traders.