Cocoa Futures Market News and Commentary
Mar ICE NY cocoa (CCH21) on Monday closed down -27 (-0.98%). ICE London cocoa #7 (CAH210) closed down -11 (-0.59%).
Cocoa prices on Monday posted moderate losses on signs of robust supplies from the Ivory Coast, the world's largest cocoa producer. Ivory Coast government data on Monday showed that cocoa bean deliveries in the Ivory Coast ports from Nov 23-29 were 93.560 MT, up +18.5% y/y and that cumulative cocoa bean deliveries in the Ivory Coast during Oct 1-Nov 29 were up +12.1% y/y at 786,035 MT.
Cocoa prices have rallied sharply over the past week, as Mar NY and London cocoa posted contract highs last Tuesday and nearest-futures (Dec 20) NY cocoa surged to a 4-1/4 year high. Cocoa prices have soared on the recent news that Hershey, one of the top chocolate makers in the world, bought cocoa beans via ICE NY cocoa futures inventories instead of purchasing them directly in the physical market. Those purchases sent December NY cocoa futures to a record... Read more