Just been watching cocoa and it's pretty wild how much currency moves are pushing prices around right now. The dollar rally hit NY cocoa hard yesterday while the pound's weakness actually helped London cocoa bounce - totally different moves on the same commodity depending on which exchange you're looking at. But honestly, the bigger picture is still bearish. ICCO just raised their 2024/25 surplus forecast to 75,000 MT, first surplus in four years, and we're seeing global stocks pile up. West African harvests looking strong too, plus demand is just weak - chocolate makers are struggling to move volume at these prices. ICE inventories hit a 6.5-month high. Currency swings might create some short-term noise, but the supply situation is pretty heavy. Curious to see if shipping costs from the Middle East situation can provide any real support here.