I've been big-time long on cocoa futures contracts since the beginning of December 2006.  Why?  Two reasons: (1) my meteorologists predicted that bad weather around the Ivory Coast would disrupt the cocoa supply and (2) my consumer trend watchers detected a big swing in demand from milk chocolate, which uses less cocoa, to dark chocolate. 

I'm glad to see people's tastes in chocolate matching my own.  What I often say about my women applies equally to my chocolate, "The less milky, the better."

Cocoa prices are up 30% since the beginning of December.

From FT Alphaville:  "Hedge Funds Cash in on Chocoholics."