Cocoa future prices are currently at 2910 at the time of this post (see the Intraday Cocoa chart below). Remember, we are short Cocoa with our 2850 Put option and were waiting for prices to break thru the #2 point of 2922. This has now occurred (see our previous post: Cocoa Futures Breaking Thru Support?).
Our 2850 Put option isn’t ‘in the money’ yet, but we still have time and it looks like prices are heading lower. Stay tuned!