Cocoa Futures Market News and Commentary
March ICE NY cocoa (CCH23) on Monday closed down -16 (-0.61%), and March ICE London cocoa #7 (CAH23) closed up +3 (+0.15%).
Cocoa prices Monday settled mixed. A stronger dollar (DXY00) Monday weighed on cocoa prices along with signs of ample supplies from the Ivory Coast after Monday's government data showed that Ivory Coast farmers sent a cumulative 1.57 MMT MT of cocoa to Ivory Coast ports for the 2022/23 marketing year from October 1 through January 29, up +7.5% y/y.
On the positive side for cocoa are smaller cocoa exports from Nigeria after the Cocoa Association of Nigeria reported last Tuesday that Nigeria's Dec cocoa exports fell -0.7% m/m and -73% y/y to 36,571 MT. Nigeria is the world's fifth-largest cocoa bean producer.
Cocoa prices have seen support from concern about the quality of some West African cocoa crops. Cocoa farmers continue to struggle with the lack of fertilizer and pesticides as the war in Ukraine has limited Russian exports of potash a... Read more