Chocolate maker Hershey Co has requested permission from the Commodity Futures Trading Commission (CFTC) to buy an amount of cocoa from the stocks of ICE exchange that is much larger than the maximum allowed,

To mitigate the potential impact from a persistent shortage of supply, Hershey (NYSE:HSY) has asked the Commodity Futures Trading Commission (“CFTC”) for permission to take a position in the futures market that would enable the company to buy a substantial amount of cocoa.

Hershey Co. is asking the US’s top derivatives regulator for permission to buy a huge amount of cocoa through the New York exchange after global shortages sent prices to a record, according to people familiar with the matter.

Hershey Co. (NYSE: HSY) is seeking US regulatory approval to make a massive cocoa purchase that would exceed standard trading limits by nine times as global shortages drive prices to record highs, according to Bloomberg News which cited sources familiar with the discussions.

Hershey Co. is asking the US’s top derivatives regulator for permission to buy a huge amount of cocoa through the New York exchange after global shortages sent prices to a record, according to people familiar with the matter.

ICE NY cocoa (CCH25) today is up +466 (+4.46%), and March ICE London cocoa #7 (CAH25) is up +287 (+3.37%). Cocoa prices today are sharply higher as chocolate maker Hershey Co. is seeking CFTC approval to buy a large amount of cocoa through the ICE Futures Exchange due to tight global supplies.