Cocoa #7 Jul '24 (CAN24)
Cocoa #7 Futures Market News and Commentary
July ICE NY cocoa (CCN26) on Wednesday closed up +30 (+0.89%), and May ICE London cocoa #7 (CAK26) closed up +22 (+0.88%).
Cocoa prices settled higher on Wednesday amid the prospects of a smaller global surplus.  StoneX on Wednesday cut its 2026/27 global cocoa surplus estimate to 149,000 MT from a January forecast of 267,000 MT, citing risks to the West African cocoa crop from an expected El Niño weather event.  StoneX also cut its 2025/26 global cocoa surplus forecast to 247,000 MT from a January estimate of 287,000 MT.
The prolonged closure of the Strait of Hormuz is disrupting global cocoa supplies and is also a supportive factor for prices. Â The closure of the strait supports cocoa prices by reducing fertilizer supplies, boosting global shipping rates, insurance costs, and fuel prices, thereby raising cocoa importers' costs.
Signs of weak chocolate demand are negative for cocoa prices after Circana on April 14 reported that chocolate candy sales in North Ameri... Read more
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