Cocoa is One of the Few Commodities Trading Higher Today

Cocoa hit a new contract high today. The May cocoa contract closed at $2,463, up $45. This market continues to move higher on momentum and cocoa continues to be one of the favorite markets of commodity funds.

On the negative side for commodities, the precious metals and wheat futures were trading sharply lower today. Wheat is resuming its pattern of sharp moves higher and even sharper moves lower. Crude oil is trading lower after a strong move the last couple trading days. Keep an eye on coffee futures as they have broken out to multi-year highs - the monthly charts point to a sustained, strong move higher.