The ICE cocoa futures market from 2016 through mid-2023 traded below $3,000 a metric ton. Up until late last year the record high for cocoa futures trading, dating back to the late 1970s, was just above $3,800, scored in 2011. This week, nearby cocoa futures hit a record high of $10,080—and prices are still climbing. The nearly straight-up price action in cocoa futures (termed a “parabolic” move in trading parlance) is one of the most dramatic commodity markets rallies in recent history. Weather and logistical problems in key cocoa-producing countries are the main cause for the moonshot in cocoa prices. Stay tuned!—Jim Wyckoff