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NIB - Not Much Optimism For Cocoa Futures Headed Into Q2 Of 2021
iPath Bloomberg Cocoa Subindex Total Return SM IndexETN
European cocoa bean usage has declined slightly during Q4 of 2020 compared to Q3 due to the resurgence of COVID-19 infections.
In the 2020/21 season, cocoa production projections are higher due to increased output from vital producers Ivory Coast and Ghana.
I believe cocoa bean usage in the EU during Q1 of 2021 will be lower due to the rise in new infections, death rates, and sluggish COVID-19 vaccine rollouts.