Cocoa Mar '23 (CCH23)
Cocoa Futures Market News and Commentary
September ICE NY cocoa (CCU26) closed down -98 (-1.61%) on Friday, and September ICE London cocoa #7 (CAU26) closed down -10 (-0.23%).
Cocoa prices settled lower on Friday amid signs of larger global supplies after Bloomberg reported that Nigeria’s July cocoa bean exports rose +18% y/y to 16,052 MT. Nigeria is the world's fifth-largest cocoa producer.
On Thursday, cocoa prices rallied to 2-week highs on concern about a smaller cocoa crop from Ghana, the world’s second-largest cocoa producer. Ghana’s Cocoa Board said Thursday that after a field survey of pod counts, it estimates the 2026/27 Ghana cocoa crop will be 650,000 MT, down -13% from 750,000 MT last year.
Cocoa prices also have underlying support from early surveys of the 2026/27 Ivory Coast cocoa crop, which show below-average cherelle formation on cocoa trees, signaling a weak outlook for the main cocoa harvest, which begins in September. Early crop assessments show poor pod development and an averag... Read more
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