Cocoa #7 Futures Market News and Commentary
March ICE NY cocoa (CCH23) on Friday closed down -2 (-0.08%), and March ICE London cocoa #7 (CAH23) closed up +2 (+0.10%).
Cocoa prices Friday settled little changed. A stronger dollar (DXY00) Friday weighed on cocoa prices along with a survey from the International Cocoa Organization (ICCO) that said global cocoa stockpiles were 1.78 MMT at the end of the 2021/22 season, above a previous ICCO estimate of 1.62 MMT.
Smaller cocoa exports from Nigeria support cocoa prices after the Cocoa Association of Nigeria on Tuesday reported Nigeria's Dec cocoa exports fell -0.7% m/m and -73% y/y to 36,571 MT. Nigeria is the world's fifth-largest cocoa bean producer.
Cocoa prices have seen support from concern about the quality of some West African cocoa crops. Cocoa farmers continue to struggle with the lack of fertilizer and pesticides as the war in Ukraine has limited Russian exports of potash and other fertilizers worldwide.
Monday's report from the Ivory Coast gove... Read more