Cocoa Futures Market News and Commentary
Sep ICE NY cocoa this morning is down -45 (-1.80%), and Sep ICE London cocoa #7 (CAU20) is down -33 (-1.93%).
Cocoa prices this morning have fallen to 1-week lows. Prices tumbled on robust cocoa supplies from the Ivory Coast, the world's biggest cocoa producer. The Ivory Coast government reported today that Ivory Coast farmers sent 9,834 MT of cocoa to ports during Aug 3-9, up +35% y/y. Also, a total of 2.24 MMT of cocoa was sent to ports during Oct 1-Aug 9, up +5.2% y/y.
Cocoa prices have recently seen strength on dry conditions in Ghana, the world's second-largest cocoa producer. Recent weather forecasts call for limited chances of rain in Ghana over the near-term. The Ghana Cocoa Board reported July 20 that cocoa purchases from farmers were down -4.3% y/y at 742,725 during Oct 1-Jun 4.
A bullish factor is smaller cocoa output from Nigeria, the world's fifth-biggest cocoa producer. The Cocoa Association of Nigeria on July 17 cut its Nigeria 2019/20 cocoa produ... Read more