The U.S. ICE cocoa market recently rolled from September to December futures. The September contract reached a twelve-year high of $3,652 on August 7, while December futures rose to $3,618 per ton. The price corrected since the early August high, but the bullish trend remains intact, with December futures at over the $3,440 per ton level on August 24.
In a July 14, 2023, Barchart article, I asked How High Can Cocoa Prices Rise? September ICE cocoa futures were at $3,353 per ton on July 14 after reaching a $3,373 high. As cocoa approached a breakout level in dollar terms, at $3,422, I pointed out that cocoa #7 had already reached a record peak in 2023, surpassing the 2010 high.
