March cocoa futures have rallied this past trading week as we leave 2019 and enter 2020. After the new year, the contract continued the move higher back towards 2550. The market has been supported by the recent positive global sentiment. Equities continue to make all-time highs which is carrying over to most commodities.

Cocoa is also finding a positive tone in the near-term demand of the soft. With the Euro and Pound moving higher, cocoa has followed. The Pound has climbed since the UK election. If demand can continue to grow out of Europe, even in the short-term, prices should be able to test 2600 by next month’s contract roll.

Peter Mooses

Follow Peter on Twitter @PMoosesRJO. Peter's interest in trading began during a college internship with Bunge North America on the floor of the Chicago Board of Trade, where he assisted commodities traders and performed market research and analysis. Upon earning a B.A. in economics from the University of Iowa, Peter served as an analyst, transaction manager and team lead in the Global Trust Divisions for LaSalle Bank and Bank of America, where he managed transaction activity in multi-million dollar client fixed income and asset-backed securities portfolios. After years in the banking industry, it became apparent that Peter's real passion lies in futures trading. He joined RJO Futures because he enjoys the analytical aspects of futures trading and appreciates the economic impact that commodities have across all markets. Peter believes in utilizing market analysis and trends to help clients achieve balance between risk and return, while always keeping their investment objectives top of mind.