Cocoa Mar '20 (CCH20)
Cocoa Futures Market News and Commentary
Sep ICE NY cocoa (CCU20) this morning is down -13 (-0.60%). Sep ICE London cocoa #7 (CAU20) is down -14 (-0.88%).
Cocoa prices this morning are weaker with NY cocoa at a new 21-month low. Fund selling has driven cocoa prices lower over the past week on concern that the resurgence of the coronavirus will keep lockdowns in place for longer and curb chocolate demand. The consensus is for Q2 global cocoa grindings to decline as the pandemic decimated the demand for cocoa and cocoa products. European, Asian, and North American data for Q2 cocoa grindings are expected next week.
The outlook for robust cocoa supplies is also weighing on cocoa prices. Citigroup on Jun 25 said the physical surplus for the Ivory Coast 2020/21 cocoa crop might be as large as 300,000 MT, double the previous projection of 150,000 MT. Also, Citigroup said Asian, North American, and European Q2 cocoa processing probably contracted on a year-on-year basis due to the coronavirus pandemic, and that U.S.... Read more
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