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Yes, LibRaw performs

Yes, LibRaw performs automatic maximum adjustment to prevent 'pink clouds' (and other highlights) problem seen on many cameras where real maximum varies with ISO or other camera settings.

To turn it off, use '-c 0' switch of dcraw_emu (or set imgdata.params.adjust_maximum_thr to 0.0).

Simple test:

$ ./bin/dcraw_emu -h -c 0 ~/temp/camera04_01.CR2
$~/dcr926/dcraw -h ~/temp/camera04_01.CR2
$ md5 ~/temp/camera04_01.*ppm
MD5 (/home/lexa/temp/camera04_01.CR2.ppm) = 6bc70a092bb0096bd75d1f9ef54714b4
MD5 (/home/lexa/temp/camera04_01.ppm) = 6bc70a092bb0096bd75d1f9ef54714b4
So, two PPMs (from dcraw 9.26 and from LibRaw's dcraw_emu) are binary the same.

-- Alex Tutubalin @LibRaw LLC