Cocoa Futures Market News and Commentary
Mar ICE NY cocoa (CCH20) on Monday closed up +1 (+0.04%), and Mar ICE London cocoa #7 (CAH20) closed up +9 (+0.46%).
Cocoa prices rebounded from 1-week lows Monday and closed higher on signs of smaller supplies from the Ivory Coast. The Ivory Coast government on Monday reported that Ivory Coast farmers sent 59,898 MT of cocoa to ports from Jan 20-26, down -8.6% y/y. On a cumulative basis, however, Ivory Coast farmers have sent a total of 1.411 MMT of cocoa to ports during Oct 1-Jan 26, up +8.5% y/y.
Cocoa prices early Monday dropped to 1-week lows on general commodity weakness from the Chinese coronavirus and on negative carry-over from Friday's data from the International Cocoa Association (ICCO) that showed global 2018/19 cocoa ending stocks have risen +1.4% y/y to 1.538 MMT.
Another negative for cocoa prices was increased cocoa production in Ghana after the Ghana Cocoa Board on Monday reported that it purchased 569,781 MT of cocoa from farmers during Oct 1-Ja... Read more