Cocoa #7 Jul '24 (CAN24)
Cocoa #7 Futures Market News and Commentary
September ICE NY cocoa (CCU26) on Friday closed up +86 (+1.52), and September ICE London cocoa #7 (CAU26) closed up +4 (+0.10%).
Cocoa prices on Friday saw support from the -0.3% decline in the dollar index, which was bullish for commodities in general.
However, cocoa prices on Friday consolidated just mildly above this week’s 2-week low, which was sparked by reports earlier this week of exceptional growing conditions in the Ivory Coast and Ghana. The favorable weather has fostered 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.
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 fallen back to... Read more
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