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SIEGEL TRADING COMPANY, INC.
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(March 21, 2002) COFFEE: MAY COFFEE--A number of positive fundamentals have surfaced to help improve the lot of the downtrodden bulls. Although the massive crop in Brazil continues to loom over the coffee market, the threat posed by the developing El Nino weather pattern has generated an uncertainty that few had foreseen. The poor crop in Central America and Mexico and concern over lower production this year and next in Vietnam also may prove supportive, especially if the cash remains tight and demand begins to pick up. Technical factors have also improved in recent weeks, leading us to raise our sights initially to 60¢/lb.

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