Cocoa quietly heading to new highs

Market Pulse for Sept. 17

Last week December 2013 Cocoa (NYBOT:CCZ13) opened at $2,555 per tonne and closed the week at $2,601. You can see cocoa has moved up nicely since the July 1 open of $2,170. Looking at the data below from the ICCO we see forecast a supply deficit for 2012/2013. A few weeks ago the ICCO increased the size of the supply deficit from what was earlier forecast. On the monthly chart below you can see the price action during and after these periods of supply deficit.

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