Cocoa Jul '20 (CCN20)
Cocoa Futures Market News and Commentary
Sep ICE NY cocoa (CCU20) on Tuesday closed down -4 (-0.19%). Sep ICE London cocoa #7 (CAU20) closed down -7 (-0.44%).
NY cocoa on Tuesday dropped to a new 21-month low on ample cocoa supplies. The Ivory Coast government on Tuesday reported that Ivory Coast farmers sent 26,561 MT of cocoa to ports during Jun 29-July 5, up +53.9% y/y. Also, a total of 2.15 MMT of cocoa was sent to ports during Oct 1-Jul 5, up +0.9% y/y.
Cocoa prices have been on the defensive over the past two weeks as fund selling has driven cocoa prices lower 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 surp... Read more
- GRAINS, MEATS, SOFTS - 50/50 PROBABILITY - JUDY CRAWFORD
50/50 PROBABILITY? Over the weekend I had mentioned in my newsletter that quite a few markets ended last week up against resistances - the quantity being...
- COFFEE, THEY GIVE IT THEY SNATCH IT AWAY
An examination of where Coffee is where it has to go to to reverse the trend and the the chances of that happening
- Livestock Report
Markets fail to hold early rallies