The Cocoa future is on a 7 day bullish run gaining $218 (8.85%). This session seems to remain in the same lane for now — after closing the previous trading day at $2,782, CME Cocoa is up to $2,791 per metric tonne, which makes for a move of 0.32%/$9 today.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

At the same time, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates CME Cocoa is in an overbought condition. Analysis based on the asset volatility indicates that the Cocoa future's upper Bollinger Band® is at $2,798.66, this is a slight indication of a slowdown.

Overall, while CME Cocoa has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

This rally in Cocoa's price coincides with other Softs as Cotton rises 1.16% to trade around $81.86.

Meanwhile, Sugar is trading around $20 (down $1.33).

Also worthy of note, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC.

Elsewhere, United States GDP is expected tomorrow at 13:30 UTC.

Having set a significant high of $2,794 a day ago, the Cocoa future is trading 0.43% lower.