LibRaw (and dcraw_emu) with default settings uses automatic maximum level detection (to prevent 'pink clouds effect', 5 years ago I've written small article about it, it is in Russian, but google translate will help: http://blog.lexa.ru/2010/03/28/taina_rozovykh_oblakov.html )
To turn this detector off (and produce results nearly the same as dcraw) use -e 0 switch of dcraw_emu.
LibRaw (and dcraw_emu) with default settings uses automatic maximum level detection (to prevent 'pink clouds effect', 5 years ago I've written small article about it, it is in Russian, but google translate will help: http://blog.lexa.ru/2010/03/28/taina_rozovykh_oblakov.html )
To turn this detector off (and produce results nearly the same as dcraw) use -e 0 switch of dcraw_emu.