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Barchart
Rich Asplund

Cocoa Prices Consolidate Below Monday's Highs

Ice ICCO London NY Ivory Coast

May ICE NY cocoa (CCK23) on Tuesday closed down -1 (-0.03%), and May ICE London cocoa #7 (CAK23) closed down -1 (-0.05%).

Cocoa prices Tuesday closed slightly lower as prices consolidated Monday's rally when NY cocoa posted a 2-1/4 year nearest-futures high and London cocoa posted a 3-1/2 month high.  Cocoa prices rallied on reduced cocoa supplies from the Ivory Coast.  Monday's government data showed that Ivory Coast farmers sent a cumulative 1.78 MMT of cocoa to Ivory Coast ports for the 2022/23 marketing year (October 1 through March 26), down -3.8% y/y.  The Ivory Coast is the largest cocoa producer in the world.  

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