March ’20 coffee futures have push this morning but are likely to continue the rally as the supply and demand dynamic drives this market higher. March coffee have recently hit new 13-month highs as the many bullish fundamentals we’ve been tracking have been coming into play. From production deficit to increasing demand this move is strongly supported as supplies grow tighter. The multi-week rally to date has been heavily fueled by massive short covering. What I find to be most exciting about this market is that the fund traders have not only covered their shorts but are now becoming buyers, which suggests this could become more than just a rally, but could become a full blown bull market.