Cocoa Futures Market News and Commentary
Sep ICE NY cocoa on Monday closed down -51 (-2.00%), and Sep ICE London cocoa #7 (CAU20) closed up +2 (+0.12%).
Cocoa prices on Monday settled mixed. Prices were under pressure Monday as beneficial weather in the Ivory Coast may boost the yield potential for the Ivory Coast cocoa crop, the world's biggest. The Ivory Coast government reported last Monday that Ivory Coast farmers sent 17,879 MT of cocoa to ports during July 27-Aug 2, up +58% y/y. Also, a total of 2.23 MMT of cocoa was sent to ports during Oct 1-Aug 2, up +1.8% y/y.
Cocoa prices have rallied sharply over the past month as NY cocoa posted to a 5-month high on Monday, and London cocoa climbed to a 1-1/2 month high on dry conditions in Ghana, the world's second-largest cocoa producer. Fund buying has boosted cocoa prices as weather forecasts called for limited chances of rain in Ghana over the next week. The Ghana Cocoa Board reported July 20 that cocoa purchases from farmers were down -4.3% y/y at 742,725 d... Read more