Cocoa Has Worst Year Since 1999 | RJO Futures

January 5, 2017 9:07AM CST

"Supplies keep piling up and that has created a really negative tone in this market," said Peter Mooses, senior market strategist at RJO Futures in Chicago. "From mid-August until now, it's just a straight dump down to the bottom."

Mr. Mooses said his producer and merchant clients have been reticent to take the short side of the market and instead have been looking to buy cheaper call options. WIth the vast majority of production in cocoa centered in West Africa, data can be spotty and opaque.

"No one has conviction to short this market," he said.

To read the full article with all of Peter's comments, visit www.morningstar.com


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