Cocoa Futures Market News and Commentary
December ICE NY cocoa (CCZ22) on Monday closed down -4 (-0.18%), and December ICE London cocoa #7 (CAZ22) closed up +40 (+2.15%).
Cocoa prices Monday settled mixed, with NY cocoa falling to a 2-year nearest-futures low and London cocoa climbing to an 11-1/2 month high. NY cocoa retreated Monday after the dollar index (DXY00) rallied to a 20-year high. London cocoa rallied Monday after the British Pound (^GBPUSD) sank to a record low against the dollar. A weaker pound boosts cocoa that is priced in terms of sterling.
Cocoa prices are under pressure from adequate cocoa supplies from the Ivory Coast, the world's biggest cocoa producer. The Ivory Coast government reported Monday that Ivory Coast cocoa farmers sent a cumulative 2.46 MMT of cocoa to Ivory Coast ports from Oct 1-Sep 25, unchanged y/y. Meanwhile, Nigeria, the world's fifth largest cocoa producer, reported Aug 29 that its July cocoa bean exports rose +2% y/y to 15,490 MT.
Cocoa prices found support w... Read more