Cocoa #7 May '24 (CAK24)
Cocoa #7 Futures Market News and Commentary
September ICE NY cocoa (CCU26) on Wednesday closed up +76 (+1.37%), and September ICE London cocoa #7 (CAU26) closed up +35 (+0.86%).
Cocoa prices closed higher on Wednesday, retracing some of the sharp declines seen on Tuesday, when NY and London cocoa fell by more than -4%. Cocoa prices plunged on Tuesday due to reports of exceptional growing conditions in the Ivory Coast and Ghana, which have boosted new flowering on cocoa trees ahead of the start of the main crop harvest next month.
Last Monday’s cumulative data from the Ivory Coast showed that farmers shipped 2.11 MMT of cocoa to ports in the current marketing year (October 1, 2025, through August 2, 2026), up +20% from the same period a year ago. Also, Bloomberg reported on July 16 that Nigerian cocoa exports in June rose 30% y/y to 18,922 MT.
Rising cocoa inventories are negative for prices after ICE cocoa inventories rose to a 2-year high of 3,384,965 bags last Wednesday, although inventories have since... Read more
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September ICE NY cocoa (CCU26 ) on Wednesday closed up +76 (+1.37%), and September ICE London cocoa #7 (CAU26 ) closed up +35 (+0.86%). Cocoa prices closed...
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