Cocoa Futures Market News and Commentary
May ICE NY cocoa (CCK21) this morning is up +41 (+1.73%), and May ICE London cocoa #7 (CAK21) is up +29 (+1.84%).
Cocoa prices this morning are advancing, with NY cocoa at a 1-week high. Short-covering ahead Q1 global cocoa grinding data is pushing cocoa prices higher today. The consensus is for Q1 North American cocoa grindings to climb +2.5% y/y and for Q1 Asia cocoa grindings to climb +0.3% y/y, although Q1 European cocoa grindings are expected to fall -2.0% y/y. The European Cocoa Association will release grinding data on Wednesday, and the National Confectioners Association will release North American data on Thursday. The Cocoa Association of Asia will release its Q1 cocoa grinding data on Friday.
Cocoa prices have recently been in a slump as London cocoa fell to a 4-month nearest-futures low Monday and NY cocoa dropped to a 5-month low last Friday. The outlook for bumper cocoa crops in West Africa has undercut cocoa prices and sparked fund selli... Read more