Cocoa Sep '27 (CCU27)
Cocoa Futures Market News and Commentary
July ICE NY cocoa (CCN26) on Wednesday closed down -74 (-1.93%), and July ICE London cocoa #7 (CAN26) closed down -44 (-1.50%).  Cocoa prices settled lower on Wednesday amid forecasts of dry conditions moving into West Africa later this week, which are expected to alleviate current flooding. Cocoa prices had moved higher earlier this week after cocoa farmers in the Ivory Coast reported that heavy rain and winds had blown away young flower buds and damaged cocoa trees.
Last Friday, cocoa prices tumbled to 2-week lows amid rising inventories. ICE cocoa inventories rose to a 1.75-year high of 2,929,074 bags last Friday.
An excessively short position by funds could exacerbate any short-covering rally in NY cocoa. Last Friday’s weekly Commitment of Traders (COT) report showed money managers boosted their short positions in NY cocoa by 2,963 in the week ended June 2 to 21,111 net short positions, the most in more than 3 years.Â
The downside to cocoa losses over the me... Read more
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