Cocoa Dec '19 (CCZ19)
Cocoa Futures Market News and Commentary
May ICE NY cocoa (CCK20) on Wednesday closed down -67 (-2.39%), and May ICE London cocoa #7 (CAK20) closed down -20 (-1.00%).
Cocoa prices on Wednesday sold off sharply with NY cocoa at a 4-week low and London cocoa at a 3-week low on the outlook for a smaller global cocoa deficit. Marex Spectron on Tuesday reduced its global 2019/20 cocoa deficit estimate to 25,000-50,000 MT from a Jan estimate of 100,000 MT, citing timely rains that may boost West African cocoa yields.
Cocoa prices were already on the defensive on ample cocoa supplies from the Ivory Coast, the world's biggest producer. The Ivory Coast government on Monday reported that Ivory Coast farmers sent 37,128 MT of cocoa to ports from Feb 17-23, up +40% from the same time last year. On a cumulative basis, Ivory Coast farmers sent 1.61 MMT of cocoa to ports during Oct 1-Feb 23, up +8.8% y/y.
Another negative for cocoa prices is the forecast for rain in West Africa. A meteorologist at Marex Spectron on M... Read more
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Where is the bottom?