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A once-unimaginable rally in the price of cocoa that upended physical trading is pushing the futures market to the breaking point. Read on.

The record surge is being driven by disappointing harvests in cocoa’s West Africa heavyweights, Ivory Coast and Ghana, which account for most of the world’s production.

(Bloomberg) -- Global shipping rates are surging as tensions rise in the Red Sea, after the US and UK conducted airstrikes against the Iran-backed Houthi militants in retaliation for their attacks on merchant ships. Alcoa Corp. releases earnings on Wednesday, marking the unofficial start of the commodity world’s quarterly reporting season, while cocoa’s upward momentum continues.Most Read from BloombergUS Economy Set for Another Cash Boost If Congress Backs Tax DealApple to Shutter 121-Person Sa

(Bloomberg) -- Global shipping rates are surging as tensions rise in the Red Sea, after the US and UK conducted airstrikes against the Iran-backed Houthi militants in retaliation for their attacks on merchant ships. Alcoa Corp. releases earnings on Wednesday, marking the unofficial start of the commodity world’s quarterly reporting season, while cocoa’s upward momentum continues.Most Read from BloombergTrump Scores Easy Win in Iowa With DeSantis a Distant SecondUS Merchant Vessel Struck as Shipp

The world may get even less coffee from Vietnam, the biggest grower of the robusta variety used in instant drinks and espressos, as a smaller crop and growing local demand squeeze supplies.