Cocoa #7 Sep '23 (CAU23)
Cocoa #7 Futures Market News and Commentary
July ICE NY cocoa (CCN26) on Tuesday closed down -122 (-2.59%), and July ICE London cocoa #7 (CAN26) closed down -53 (-1.52%).
Cocoa prices retreated on Tuesday, giving back some of their recent rally. Â Tuesday's stronger dollar ($DXY) sparked long liquidation in cocoa futures. Â Losses in London cocoa were limited after the British pound (^GBPUSD) fell to a 1.5-week low on Tuesday, supporting cocoa priced in sterling.
On Monday, cocoa prices soared to 3.5-month highs amid concerns that the formation of an El Niño weather pattern could lead to warmer, drier conditions in West Africa, potentially damaging cocoa production there.  The US National Oceanic and Atmospheric Administration (NOAA) estimates  a 61% probability that El Niño conditions will emerge between May and July and persist through the end of the year, with a one-in-four chance of a "Super El Niño."
Cocoa prices also have support from early surveys of the 2026/27 West African cocoa crop that show below-a... Read more
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July ICE NY cocoa (CCN26 ) on Tuesday closed down -122 (-2.59%), and July ICE London cocoa #7 (CAN26 ) closed down -53 (-1.52%). Cocoa prices retreated...
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