The primary input in chocolate confectionary products enjoyed worldwide is the cocoa bean. Growing cocoa requires a tropical and equatorial climate, making West Africa the leading producer. The Ivory Coast leads the world in cocoa output, and neighboring Ghana typically produces the second-largest annual crop. Cocoa futures trade on the Intercontinental Exchange (ICE) in the soft commodities sector.
In an April 27 Barchart article, I highlighted the new $3,221 high on the nearby ICE cocoa futures contract. In May, cocoa futures rose to a higher high. The iPath Cocoa Subindex TR SM Index ETN product (NIB) tracks ICE cocoa futures prices higher and lower.
