To your earlier question, the NCA convention will allow a chunk of the trade to talk a little more frankly one-to-one (rather than the usual IM conversations), and the physical guys may get a better sense of the real situation in origin. I don't think they will over-blow any of the fact, but they may simply have to re-evaluate their current positions (which I think are shorter on the physical front than they'd like to be) and the act of booking more diffs may give the market some support.

From a flat book on KCK, I would probably be looking to buy on a retracement dip tomorrow, as I do think there is a little more technical possibilities higher in the coming days. That might mean good fuel for call sales, as I am not convinced that , barring some real US$ weakness, the overall weight of the upcoming Brasil crop won't keep a lid on the 'C' over the coming weeks and months. However, I am a buyer of quality physicals, as there will continue to be the shortage of the better milds.

GT, KK