“I didn’t think we’d see $1,800 this quick; every time you think it is coming back, it just ends up crashing on us,” said Peter Mooses, senior market strategist at RJO Futures.

Cocoa processing data out of North America, the second largest consumer of cocoa, will be released Thursday after the close. Mr. Mooses said estimates of how many tons of beans factories in North America have processed range widely from negative 2% to positive 2% year-over-year.

“We’re just deciding whether we’re staying in or getting out before the data,” he said.

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