INAYA's public research notes for procurement, finance and risk teams — commodity briefings, forecasting methodology and procurement playbooks.https://inaya.ai/enhttps://inaya.ai/resources/cocoa-mid-may-2026/https://inaya.ai/resources/cocoa-mid-may-2026/Front-month ICE US cocoa printed $4,189/MT today. Exchange stocks sit at a 20-month high. By the textbook, that combination should weigh on the front of the curve — and it isn't. We unpack why our ensemble is staying bullish, which four risk drivers the market hasn't priced in yet, and how procurement should be hedging into the next three months.Fri, 15 May 2026 00:00:00 GMTGianluca ColaiacomoCocoa · ICE US · CC1!