Cocoa #7 Sep '23 (CAU23)
Cocoa #7 Futures Market News and Commentary
September ICE NY cocoa (CCU26) on Friday closed up +285 (+5.58%), and September ICE London cocoa #7 (CAU26) closed up +201 (+5.28%).
Cocoa prices are sharply higher today on concerns over cocoa production in Ghana, the world's second-largest cocoa producer. Ghana's cocoa regulator, COCOBOD, projects Ghana's 2026/27 cocoa production could fall to 450,000 MT to 550,000 MT from 750,000 MT projected for 2025/26 due to the combined effects of swollen shoot disease, aging cocoa farms, and the likelihood of adverse weather from the El Niño weather pattern.
Disruptions to global cocoa supplies are another supportive factor for prices. Global supplies could potentially be disrupted amid the near standstill of commercial shipping through the Strait of Hormuz and the Red Sea due to the US-Iran war.
Cocoa prices have been under pressure over the past two weeks and posted 4-week lows on Tuesday on signs of larger global cocoa supplies amid suspect demand. Monday's cumulati... Read more
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