Cocoa #7 Jul '24 (CAN24)
Cocoa #7 Futures Market News and Commentary
July ICE NY cocoa (CCN26) on Friday closed up +69 (+1.86%), and July ICE London cocoa #7 (CAN26) closed up +7 (+0.24%).
Cocoa prices saw some pre-weekend short-covering after NY coffee fell to a 3-week low on Thursday, and London coffee edged to a 3-week low on Friday before rebounding higher.Â
Cocoa prices showed weakness earlier this week amid signs of abundant supply. The Ivory Coast on Thursday boosted its estimate of cocoa that has reached its ports by more than 260,000 MT so far this season. Cumulative data from the Ivory Coast now show that farmers shipped 1.95 MMT of cocoa to ports in the current marketing year (October 1, 2025, through June 7, 2026), up +18.9% from the same period a year ago. The Ivory Coast recently said its cocoa production in 2025/26 would fall -10.8% y/y to 1.65 MMT from 1.85 MMT in 2024/25.Â
Rising cocoa inventories are also bearish for prices. ICE cocoa inventories rose to a 1.75-year high of 2,929,074 bags last Friday and were ju... Read more
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