So the cocoa zone in west Africa got another dose of rain a few days ago. This is pretty unusual for this time of year, and augurs for a heavy mid-crop in Ghana and the Ivory Coast. Bearish!
Having said this, I still don't see a big downside here. The end-users, of which I used to be one, realize the value here are are willing to extend coverage. I also think that we are near an inflection point in grindings.
I'm looking for another spot to buy again.