Cocoa Futures Market News and Commentary
May ICE NY cocoa (CCK21) on Wednesday closed up +13 (+0.54%), and May ICE London cocoa #7 (CAK21) closed down -7 (-0.43%).
Cocoa prices on Wednesday settled mixed with NY cocoa at a 1-week high. Wednesday's Q1 cocoa grinding data was mixed for cocoa prices. London cocoa fell back after the European Cocoa Association reported European Q1 cocoa processing fell -3% y/y to a 4-year low of 357,815 MT, a larger decline than expectations of -2% y/y. On the positive side, Malaysia's Q1 cocoa processing rose +12.1% y/y to 83,990 MT. The National Confectioners Association will release North American data on Thursday, and 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 selling in cocoa... Read more