Jan. 27, 2026 - Cocoa’s brutal reversal and market reality

This episode breaks down the dramatic reversal in the cocoa market, where prices have fallen roughly 30% in just one month. We unpack why widely expected index buying failed to lift futures, how speculative positioning unraveled, and what weak global grind data says about demand destruction. The discussion explores mounting surplus expectations, developments in Ivory Coast and Ecuador, shifting balance sheets, and why rallies may now attract heavy origin selling. A clear, factual overview of the forces reshaping cocoa’s short- and medium-term outlook.For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!