The Tuesday HOT TAKE

October 24

Oct 24, 2023

∙ Paid

What’s HOT

Hot Cocoa

Cocoa futures have soared to a 44-year high amid production issues in West Africa.

Everyone’s favorite candy ingredient is up 46% year-to-date (Dec ICE futures) amid tight stocks as the world is facing its third consecutive year of a supply deficit.

Fast Progress

US Soybean harvest is now 76% complete, up from 62% last week and compared with 67% average.

Both North Dakota and Illinois advanced 19%, while South Dakota was up 18%.

Kansas is currently the furthest ahead of average (+21%), while Missouri (+19%), Iowa, Arkansas and South Dakota (+16%) are not far behind.

Michigan is the biggest laggard at 10% behind an average pace.

Like beans, corn harvest advanced 14% last week to 59% complete versus 54% average.

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