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TIGER ON SPREADS
P.O. Box 64401, Chicago, Illinois
800-368-5958

(March 18, 2002) COFFEE: New York softs continue to look good for the future based on low prices and a potential supply/demand shift in favor or demand. Coffee has apparently halted its decline. Hold the long July/short December coffee spread (from January 24 at 500 December). The spread has a cushion and could accelerate in late spring if any weather problems develop in the South American coffee growing areas. The objective remains at 250 December with a July premium possible should any serious weather problems develop.

Phil Tiger

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