May ’20 coffee futures start the day positive but still in consolidation this week with what appears to be decreasing volume. In the near-term coffee should remain fairly-well supported and even a bit bullish with tightening stocks as logistics and labor issues limit the flow of high quality coffee. There is further support in that end users are likely purchasing more than enough to make sure they can meet demand and keep the shelves stocked. But does this market have enough energy to continue-on to higher prices? I would need to see May coffee prices rally and hold above 124’50 before I call it bullish over all. In the long term it’s expected that major producers will create an abundance of supply for the 20/21 year assuming production and transportation remains reasonably functional with the viral outbreak impacting all facets of the global economy.