Cocoa #7 Sep '24 (CAU24)
Cocoa #7 Futures Market News and Commentary
September ICE NY cocoa (CCU26) closed down -278 (-4.78%) on Tuesday, and September ICE London cocoa #7 (CAU26) closed down -179 (-4.21%).
Cocoa prices fell to 1-week lows on Tuesday and settled sharply lower. Cocoa prices retreated on reports of exceptional growing conditions in the Ivory Coast and Ghana, which have boosted new flowering on cocoa trees ahead of the start of the main crop harvest next month.
Larger cocoa supplies from Ghana are also bearish for prices. Last Wednesday, Ghana’s cocoa board reported that 750,000 MT of cocoa has been harvested for the 2025/26 season, which ends at the end of this month, up +25.6% from 597,000 MT in 2024/25.
Rising cocoa inventories are also negative for prices after ICE cocoa inventories rose to a 2-year high of 3,384,965 bags last Wednesday.
Last Wednesday, cocoa prices rose to 1-month highs amid concerns over future cocoa production in Ghana, the world’s second-largest cocoa producer. On July 30, Ghana’s coc... Read more
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