A brief update. I closed my short position in Cocoa before grind reports. The major one - EU grind report was released last week showed 10% drop in grind numbers. This number can be corrected later but this is alot for a year of "looming global deficit". So demand is no longer that hungry beast. Plus preliminary news are good about coming main crop and no bad news about midcrop. I re-opened short position for next 2-3 months. If you are more risk averse then wait for another couple of weeks - US and Asia reports will be out soon. But remember - EU's is the major one.