Cocoa Futures Market News and Commentary
Mar ICE NY cocoa (CCH20) this morning is down -1 (-0.04%), and Mar ICE London cocoa #7 (CAH20) is down -1 (-0.05%).
Cocoa prices are slightly weaker this morning and posted 1-week lows on general commodity weakness due to the spreading Chinese coronavirus. Cocoa is also being undercut by last Friday's data from the International Cocoa Association (ICCO) showing that global 2018/19 cocoa ending stocks have risen +1.4% y/y to 1.538 MMT.
Another negative for cocoa prices was increased cocoa production in Ghana after the Ghana Cocoa Board today reported that it purchased 569,781 MT of cocoa from farmers during Oct 1-Jan 16, up +8.1% y/y.
Cocoa prices recovered from their worst levels after the Ivory Coast government reported today that Ivory Coast farmers sent 59,898 MT of cocoa to ports from Jan 20-26, down -8.6% y/y. On a cumulative basis, however, Ivory Coast farmers have sent a total of 1.411 MMT of cocoa to ports during Oct 1-Jan 26, up +8.5% y/y.
A bear... Read more