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-с is, indeed, documented:

-с is, indeed, documented: https://www.libraw.org/docs/Samples-LibRaw.html

-c float-value
This key sets params.adjust_maximum_thr parameter.
Use -c 0 to completely disable automatic maximum calculation.
Default value: 0.75

Could you please provide some samples to test against dcraw/dcraw_emu. With -c 0 it should be the same, at least with default settings.

-- Alex Tutubalin