The title says it all. Here's a graph of deflated June cocoa price vs. the end season stocks/consumption ratio...
Stks/Cons is on the horizontal line, price on the vertical. We are currently at the point (.39,2034), which is near the bottom of the predicted range.
Weather in West Africa has been good. However, there is a dry spot in central IC that bears watching. If it goes away soon, it will have no affect on the crop. I'll keep watching.
