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Cocoa #7 Jul '23 (CAN23)
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Cocoa #7 Futures Market News and Commentary

Cocoa Prices Sharply Higher as the Global Cocoa Deficit Widens

May ICE NY cocoa (CCK24) on Friday closed up +278 (+4.60%), and May ICE London cocoa #7 (CAK24) closed up +138 (+2.67%).

On Friday, cocoa prices rallied sharply on signs of deeper global cocoa deficits.  Carryover support from Thursday boosted cocoa prices when the International Cocoa Organization (ICCO) projected that the global 2023/24 cocoa deficit would widen to -374,000 MT from -74,000 MT in 2022/23.   The ICCO also projects global cocoa production in 2023/24 will fall by -11% y/y to 4.45 MMT, and global cocoa grindings will fall by nearly -5%, which will push the 2023/24 stock-to-grindings ratio to the lowest in more than 40 years.  

Lower cocoa production in the Ivory Coast, the world's largest producer, is a major bullish factor for cocoa prices.  Monday's government data showed Ivory Coast farmers shipped 1.16 MMT of cocoa to ports from October 1 to February 25, down -32% from the same time last year.

Smaller cocoa exports from Nigeria, the world's fifth l... Read more

Contract Specifications

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Contract
Cocoa #7
Contract Size
10 metric tonnes
Tick Size
GBP 1 per metric tonne (GBP 10.00 per contract)
Trading Hours
9:30a.m. - 4:50p.m. GMT
Exchange
ICE/EU
Point Value
GBP 10
Expiration Date
07/14/23 (expired)

Seasonal Chart

Cocoa #7 Jul '23
Average Price Chart for 5 Prior Jul Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
2,447 +0.41%
on 07/13/23
2,873 -14.48%
on 07/04/23
-75 (-2.96%)
since 06/14/23
3-Month
2,172 +13.12%
on 05/04/23
2,873 -14.48%
on 07/04/23
+248 (+11.23%)
since 04/14/23
52-Week
1,736 +41.53%
on 08/04/22
2,873 -14.48%
on 07/04/23
+708 (+40.48%)
since 07/14/22

More Cocoa #7 Quotes

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SBK24 : 21.09s (-2.77%)
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Cocoa Prices Sharply Higher as the Global Cocoa Deficit Widens

May ICE NY cocoa (CCK24 ) on Friday closed up +278 (+4.60%), and May ICE London cocoa #7 (CAK24 ) closed up +138 (+2.67%). On Friday, cocoa prices rallied sharply on signs of deeper global cocoa deficits....

CCK24 : 6,327s (+4.60%)
CAK24 : 5,300s (+2.67%)
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Cocoa Prices Surge as the Global Cocoa Deficit Deepens

May ICE NY cocoa (CCK24 ) this morning is up +270 (+4.46%), and May ICE London cocoa #7 (CAK24 ) is up +138 (+2.67%). Cocoa prices this morning are sharply higher on signs of deeper global cocoa deficits....

CCK24 : 6,327s (+4.60%)
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Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Soft Signal Strength.

Key Turning Points

3rd Resistance Point 2,465
2nd Resistance Point 2,464
1st Resistance Point 2,460
Last Price 2,457s
1st Support Level 2,455
2nd Support Level 2,454
3rd Support Level 2,450

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52-Week High 2,873
Last Price 2,457s
Fibonacci 61.8% 2,439
Fibonacci 50% 2,305
Fibonacci 38.2% 2,170
52-Week Low 1,736

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