During the past year, coffee futures have jumped more than 120 percent from the $130 level to above $290.

Granted, a number of commodities have been on the rise over the past 12 months, but few have jumped like coffee has.

The rise in prices isn’t what caught my eye though. The commitment of traders report for coffee shows that the price has continued to climb even as large speculators have increased and decreased their holdings.

No matter what they did, the price has continued to climb.

Last summer, the group had built the second biggest long position of the last five years with 48,000 contracts being held long. That position dropped almost in half recently, but the price has continued to climb.

Normally what we see with futures is that when a large position is built by large speculators, the price rises as the net position rises. When the large speculators start shedding contracts, the price dips. This hasn't been the case with coffee.

What all of this suggests is that the bullish run for coffee is far from over.