"The current moisture levels and the outlook for the coming 2021/22 Australian grain winter crop are looking good in most areas so far and may well continue to improve," Ole Houe, a director at brokerage IKON Commodities in Sydney, said.
"Although some of the rises in commodity prices has been driven by speculators, there is also a genuine increase in demand as the global economy reopens," said Catril.
The rise from $2,317 observed closely a set of retracements of the downtrend from $2,728 to $2,317. After breaking $2,474, cocoa is expected to test the next support at $2,414.