Cocoa Futures Market News and Commentary
Dec ICE NY cocoa (CCZ21) on Thursday closed down -40 (-1.51%), and Dec ICE London cocoa #7 (CAZ21) closed down -25 (-1.36%).
Cocoa prices on Thursday posted moderate losses on signs of ample supplies. The lvory Coast government reported Monday that Ivory Coast farmers sent 2.45 MMT of cumulative cocoa to Ivory Coast ports during Oct 1-Sep 19, up +7.0% y/y. Also, cocoa supplies are robust from Ghana, the world's second-largest cocoa producer, after the Ghana Cocoa Board reported Sep 2 that it purchased 1.03 MMT of cocoa from farmers in the season of Oct 1 to Aug 19, the most in a decade.
Cocoa prices are consolidating moderately below a 6-1/2 month high posted earlier this month. Signs of strength in global cocoa demand are bullish for prices after Gepex, an exporter group that includes six of the world's biggest cocoa grinders, reported last Monday that Gepex Aug cocoa processing rose +22.4% y/y to 54,459 MT. Also, IRI reported on Sep 3 that U.S. retail sales of choc... Read more