Worries that the cocoa crop may be damaged by rain sent prices rallying, said Peter Mooses, senior market strategist of RJO Futures in Chicago. “But we’re still not seeing carryover from companies saying demand is any better,” Mooses said, referring to Nestle reporting slower sales growth.
Erratic monsoon rains in India, the world’s second-biggest sugar grower, caused flooding in some areas while others experienced a drought, caused indecisive trading, Mooses said. “They’re probably waiting to see if the areas will benefit or get hurt.”
To read the rest of the article with Peter’s comments, click here.