Cocoa May '24 (CCK24)
Cocoa Futures Market News and Commentary
May ICE NY cocoa (CCK26) on Wednesday closed up +119 (+3.70%), and May ICE London cocoa #7 (CAK26) closed up +92 (+3.80%).
Cocoa prices settled sharply higher on Wednesday on concern that a prolonged US-Iran war will keep the Strait of Hormuz closed and disrupt global cocoa supplies. The closure of the strait supports cocoa prices by reducing fertilizer supplies, boosting global shipping rates, insurance costs, and fuel prices, thereby raising cocoa importers' costs.
Smaller cocoa supplies from Nigeria, the world's fifth-largest cocoa producer, are supportive for prices. Bloomberg reported on Wednesday that Nigerian Feb cocoa exports fell -4.6% y/y to 40,110 MT. Nigeria's Cocoa Association projects that Nigerian cocoa production in 2025/26 will fall by -11% y/y to 305,000 MT, from a projected 344,000 MT for the 2024/25 crop year.
An excessively short position by funds in New York cocoa could add fuel to any short-covering rally. Last Friday's weekly Commitmen... Read more
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