Cocoa Dec '21 (CCZ21)
Cocoa Futures Market News and Commentary
July ICE NY cocoa (CCN22) on Friday closed down -2 (-0.08%), and July ICE London cocoa #7 (CAN22) closed down -3 (-0.17%).
Cocoa prices Friday closed slightly lower as they consolidated this week's losses. On Wednesday, NY cocoa dropped to a 5-3/4 month low, and London fell to a 2-week low on signs that higher chocolate prices are curbing demand. Data from market researcher IRI shows U.S. chocolate sales in the 13-week period ending May 15 fell -6.3% y/y, while prices rose +11% y/y.
An increase in ICE cocoa inventories is bearish for prices. ICE cocoa inventories Thursday rose to a 6-1/2 month high of 5.255 mln bags.
Ample cocoa supplies are bearish for prices after the Ivory Coast government reported Tuesday that Ivory Coast cocoa farmers sent a cumulative 2.13 MMT of cocoa to Ivory Coast ports from Oct 1-May 22, down only -0.9% y/y.
The prospect of bumper cocoa crops this year in West Africa is a bearish factor for prices. Cocoa farmers in the Ivory... Read more
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