After a relatively subdued period between March and April, volatility has returned to the cocoa market in force. Cocoa prices, still down 23.5% year-to-date, have rallied 31% since the beginning of May as bullish fundamentals reemerge. Key drivers include the transition toward an active El Niño event, easing geopolitical tensions in the Middle East, and a slow start to the development of West Africa's 2026/27 main crop. Join Carlos Mera and Oran van Dort as they discuss the delectable but turbulent world of cocoa.

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