Cocoa Futures Market News and Commentary
September ICE NY cocoa (CCU22) on Tuesday closed up +23 (+0.98%), and September ICE London cocoa #7 (CAU22) closed up +18 (+1.06%).
Cocoa prices saw continued support from concern about lower cocoa production in West Africa due to a lack of fertilizer. However, recent weather in cocoa-growing areas in West Africa has been generally favorable.
The Ivory Coast government reported Tuesday that Ivory Coast cocoa farmers sent a cumulative 2.390 MMT of cocoa to Ivory Coast ports from Oct 1-Aug 7, up +0.4% y/y.
In a bearish factor, cocoa stocks held in ICE-monitored port warehouses on Tuesday rose by 29,875 bags (+0.5%) to a 2-month high of 5,663,389 bags from Tuesday's level.
In a bullish factor, Ghana reported July 27 that its 2021/22 cocoa crop fell by -35% y/y to 685,000 MT, the smallest crop in 12 years, due to drought and swollen shoot virus. Ghana is the world's second-largest cocoa producer. However, the Ghana Cocoa Board estimates 2022/23 Ghana cocoa pro... Read more