Sep ICE NY cocoa (CCU23) on Monday closed -11 (-0.33%), and Sep ICE London cocoa #7 (CAU23) closed -1 (-0.048%).
Cocoa prices Monday posted modest losses as they consolidated below recent highs. Earlier this month, NY cocoa rallied to a 12-year nearest-futures high as the outlook for tighter future cocoa supplies prompted fund buying of cocoa. Cocoa supplies have tightened as 2023/24 Ivory Coast forward cocoa sales from Oct 1-July 7 fell -1.3 MMT (-13.3%) y/y, and the Ivory Coast cocoa regulator, Le Conseil Cafe Cacao, said on July 18 that the Ivory Coast is not making further forward sales of cocoa for export in the 2023/24 season.
