Cocoa #7 Dec '22 (CAZ22)
Cocoa #7 Futures Market News and Commentary
September ICE NY cocoa (CCU22) on Monday closed up +8 (+0.34%), and September ICE London cocoa #7 (CAU22) closed up +5 (+0.29%).
Cocoa prices Monday posted modest gains. A lack of fertilizer for cocoa farmers in West Africa risks undercutting next year's cocoa yields in the Ivory Coast and Ghana. The war in Ukraine has limited Russian exports of potash and other fertilizers throughout the world.
An extreme short position by funds in NY cocoa futures may provide fuel to any short-covering rally. Last Friday's weekly COT data showed funds boosted their short position in NY cocoa futures by 138 in the week ending Aug 9 to 31,522 short positions, the most in about 3 years.
The Ivory Coast government reported last Tuesday that Ivory Coast cocoa farmers sent a cumulative 2.390 MMT of cocoa to Ivory Coast ports from Oct 1-Aug 7, up +0.4% y/y.
In a bearish factor, cocoa stocks held in ICE-monitored port warehouses last Friday rose to a 2-month high of 5,707,495... Read more
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