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Cocoa Sep '19 (CCU19)

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Cocoa Futures Market News and Commentary

Cocoa Prices Recover from Early Losses and Close Higher on Fund Short-Covering

September ICE NY cocoa (CCU19) on Tuesday closed up by +9 (+0.37%) and September ICE London cocoa #7 (CAU19) closed up by +14 (+0.77%). Cocoa prices recovered from early losses Tuesday and closed higher on fund short-covering. Sep NY cocoa had posted a 5-week low Tuesday and Sep London cocoa fell to a 1-1/2 week low on an unexpected decline in demand. Tuesday's data from the European Cocoa Association (ECA) pressured cocoa prices as it showed European Q2 cocoa processing unexpectedly fell -3.2% y/y to 344,890 MT, weaker than expectations of +2.0% y/y and the weakest level for any quarter in two years. The outlook for a bumper cocoa harvest in the Ivory Coast, the world's biggest cocoa producer is also negative for cocoa prices after Monday's data from the Ivory Coast government showed that Ivory Coast cocoa farmers sent 2.14 MMT of cocoa to ports from Oct 1 through July 14, up +14.4% from the same time last year. Cocoa prices were already on the defensive after Barry Callebaut, the world's top cocoa processor, said last Thursday that global cocoa supply and demand are expected to remain balanced over the near-term as it reported global chocolate sales rose +0.9% y/y during Aug-April. Another potential bearish factor for London cocoa is an extremely long position by funds after last Friday's weekly Commitment of Traders (COT) data showed that funds boosted their net long positions in ICE cocoa futures by 5,465 contracts in the week ended July 9 to a 13-month high of 58,000 contracts, which increases the threat of long liquidation pressure. Cocoa prices have support from concern about a smaller cocoa crop in Ghana, the world's second-largest cocoa producer. A report on Jul 1 said Ghana's main-crop 2018/19 cocoa harvest this year will fall to a 3-year low of 776,418 MT, below forecasts by the Ghana Cocoa Board for a cocoa crop of 800,000 MT. Ghana's cocoa crop has been ravaged by the outbreak of the swollen shoot virus that causes smaller cocoa beans and reduces yields.

Contract Specifications

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Contract
Cocoa
Contract Size
10 metric tonnes (22,046 pounds)
Tick Size
$1.00 per metric tonne ($10.00 per contract)
Trading Hours
3:45a.m. - 12:30p.m. (Settles 10:50a.m.) CST
Exchange
ICE/US
Point Value
$10
Margin/Maintenance
$2,090/1,900
First Notice Date
08/19/19 (34 days)
Expiration Date
09/13/19 (59 days)

Seasonal Chart

Cocoa Sep '19
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of Jul 9, 2019

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Commercials - Long / Short
118,021 (+2,045)
179,853 (+12,171)
Non-Commercials - Long / Short
91,237 (+6,765)
34,951 (-2,745)
Producers - Long / Short
91,106 (+1,965)
167,285 (+10,139)
Swap Dealers - Long / Short
16,930 (-1,401)
2,583 (+551)
Managed Money - Long / Short
74,006 (+4,635)
26,661 (-2,917)
Other Reportables - Long / Short
17,231 (+2,130)
8,290 (+172)
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Price Performance

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Period Period Low Period High Performance
1-Month
2,391 +1.59%
on 07/16/19
2,589 -6.18%
on 07/08/19
-67 (-2.68%)
since 06/14/19
3-Month
2,228 +9.02%
on 05/15/19
2,589 -6.18%
on 07/08/19
+66 (+2.79%)
since 04/16/19
52-Week
2,063 +17.74%
on 10/01/18
2,589 -6.18%
on 07/08/19
-26 (-1.06%)
since 07/16/18

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Most Recent Stories

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Coffee Prices Settle Lower on Increased Supply as the Coffee Harvest Speeds up in Brazil

September arabica coffee (KCU19) on Tuesday closed down by -4.70 (-4.26%), and Sep ICE robusta coffee (RMU19) closed down -33 (-2.30%). Coffee prices moved lower Tuesday after Brazil's coffee cooperative...

Cocoa Prices Recover from Early Losses and Close Higher on Fund Short-Covering

September ICE NY cocoa (CCU19) on Tuesday closed up by +9 (+0.37%) and September ICE London cocoa #7 (CAU19) closed up by +14 (+0.77%). Cocoa prices recovered from early losses Tuesday and closed higher...

Cotton Lower on Improving Crop Ratings

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Sugar Prices Remain Weak on Demand Concerns

October NY world sugar #11 (SBV19) this morning is down -0.07 (-0.58%) and Aug ICE London white sugar #5 (SWQ19) is down -1.00 (-0.34%). Sugar prices are weaker this morning but remain above Monday's...

Coffee Prices on the Defensive as the Coffee Harvest Speeds up in Brazil

September arabica coffee (KCU19) this morning is down by -2.55 (-2.31%), and Sep ICE robusta coffee (RMU19) is down -12 (-0.84%). Coffee prices are weaker this morning after Brazil's coffee cooperative...

Softs Report 07/16/19

COTTON General Comments Cotton was higher in response to the potential for crop losses due to the tropical system in the Delta states. Trends [...]

Cocoa Prices Slide on an Unexpected Decline in European Q2 Cocoa Grindings

September ICE NY cocoa (CCU19) this morning is down by -22 (-0.91%) and September ICE London cocoa #7 (CAU19) is down by -2 (-0.11%). Cocoa prices are moving lower for a second day with Sep NY cocoa at...

Cotton 36 to 65 Lower to Start Tuesday

Cotton futures are trading 36 to 65 points lower on Turnaround Tuesday selling this morning. They posted 106 to 126 point gains in most contracts on Monday, after setting life of contract lows last week....

Cotton Posts Triple Digit Gains on Monday

Cotton futures posted 106 to 126 point gains in most contracts on Monday, after posting life of contract lows last week. After the close, NASS showed 60% of the US cotton crop was squared (69% avg) and...

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 8% Sell with a Weakening short term outlook on maintaining the current direction.

Longer term, the trend strength is Minimum.

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Key Turning Points

2nd Resistance Point 2,480
1st Resistance Point 2,454
Last Price 2,429s
1st Support Level 2,397
2nd Support Level 2,366

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52-Week High 2,589
Last Price 2,429s
Fibonacci 61.8% 2,388
Fibonacci 50% 2,326
Fibonacci 38.2% 2,264
52-Week Low 2,063

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