Cocoa Futures Market News and Commentary
March ICE NY cocoa (CCH24) on Friday closed +71 (+1.69%), and Mar ICE London cocoa #7 (CAH24) closed +54 (+1.54%).
Cocoa prices Friday rallied for a third day, with Mar NY cocoa posting a 1-week high and Mar London cocoa posting a contract high. Cocoa prices jumped Friday after Le Conseil Cafe-Cacao, the Ivory Coast cocoa regulator, halted forward sales for the 2023-24 Ivory Coast mid crop, which starts April 1, 2024, so the nation's production forecast can be reviewed. The halt adds to the tumult of the region's cocoa supplies, and the impact could multiply if prolonged into the next season.
Cocoa also had a positive carryover from Wednesday when Rabobank projected a 2023/24 global cocoa deficit of -160,000 MT due to output declines in the Ivory Coast and Ghana.
Also, on the bullish side, ICE-monitored cocoa inventories held in U.S. ports have declined steadily since June and posted a 2-1/2 year low Thursday.
On Wednesday, NY cocoa fell to a 1-week low, an... Read more