Cocoa #7 May '24 (CAK24)
Cocoa #7 Futures Market News and Commentary
September ICE NY cocoa (CCU26) on Thursday closed down -27 (-0.51%), while September ICE London cocoa #7 (CAU26) closed unchanged.
NY cocoa prices fell on Thursday, adding to Wednesday’s -4.98% plunge to a 2-month low on continued concern about abundant supplies.
Signs of larger global cocoa supplies are negative for cocoa prices. Tuesday’s cumulative data from the Ivory Coast showed that farmers shipped 2.10 MMT of cocoa to ports in the current marketing year (October 1, 2025, through July 19, 2026), up +21% from the same period a year ago. Also, Bloomberg reported last Thursday that Nigerian June cocoa exports rose 30% y/y to 18,922 MT.Â
Rising cocoa inventories are bearish for prices after ICE cocoa inventories rose to a 2-year high of 3,308,066 bags on Thursday.
Cocoa prices have underlying support from early surveys of the 2026/27 Ivory Coast cocoa crop, which show below-average cherelle formation on cocoa trees, signaling a weak outlook for the main c... Read more
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