Cocoa Futures Trading Higher

September Cocoa is trading at 3013, up 22 $/MT. December Cocoa is trading at 2980, up 18 $/MT. Cocoa futures are trading in the middle of the session range. Trading is expected to be choppy. Market talk about global currencies and West African weather is making the rounds. Cameroon's cocoa production for the 2015 to 2016 season set a new record high at 269,495 tonnes, up 16 percent. Street estimates for Ivory Coast's cocoa production are between 1.62 million tonnes and 1.57 million tonnes. There are some street estimates that cocoa will have a global supply surplus of over 100,000 tonnes during the 2016 to 2017 season.