My analysis favors cocoa shorts in the coming weeks/months for the following reasons:
- The price of cocoa futures have broken ATH in a parabolic fashion
- Price is approaching the 5 years R2
- Seasonality is bearish in december and after february
- Lower rates should favor stocks vs commodities
- All agricultural commodities have retraced quite a lot after reaching their all time highs in the past 2 years. Cocoa should follow the same