"Cocoa hits record even with Hedge Funds least bullish since 2022"

" Cocoa hits record even with Hedge Funds least bullish since 2022 \r\n\r\nMoney managers have slashed their bullish bets on cocoa to the lowest in 17 months, a sign that commercial traders have played a key role in the rally that\u2019s sent prices to a fresh record on Monday.\r\n\r\nThe most-active contract in New York rose as much as 4.4% to a new intraday high of $10,193 a metric ton. Futures have more than doubled this year as poor crops in key West African growers put the world on course for a third straight annual supply deficit.\r\n\r\nHedge funds are continuing to cut bullish bets as the price soars, with the combined net-long position in New York and London cocoa futures seeing the biggest weekly decline in more than a year.\r\n\r\nLower net-long wagers and reduced open interest indicate that physical buyers may be playing a role in the rally. A shrinking commercial net short is \u201cfurther evidence that the rally has been fueled by commercial short covering,\u201d analysts at the Hightower Report said in a Monday note.\r\n\r\nNew York futures have \u201cnever been more stretched,\u201d Bloomberg Intelligence strategist Mike McGlone wrote on Monday, noting that prices are more than three times above the five-year average. \u201cOur takeaway is that there may be extreme pain, potentially from producer hedgers getting squeezed.\u201d\r\n\r\nWhile a technical gauge shows cocoa prices may have skyrocketed too quickly, many analysts aren\u2019t yet seeing a top to the market.\r\n\r\nThe smaller of Ivory Coast\u2019s two harvests officially starts in April. The harvest isn\u2019t expected to bring enough relief to tight global supplies, with the country\u2019s regulator seeing the mid-crop ranging from 400,000 to 500,000 tons, down from as much as 620,000 tons a year earlier, Bloomberg reported last month.\r\n\r\nRain in the coming week \u201ccould be beneficial to the crop, but the exceptionally hot and dry conditions this year have lowered expectations for the mid-crop, which officially begins this week,\u201d the Hightower Report analysts wrote."

"Cocoa hits record even with Hedge Funds least bullish since 2022"

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