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Barchart
Barchart
Rich Asplund

Cocoa Prices Erase Early Gains on Dollar Strength

Ice Ivory Coast El Niño London NY StoneX

July ICE NY cocoa (CCN26) today is down -7 (-0.17%), and July ICE London cocoa #7 (CAN26) is down -6 (-0.19%).

Cocoa prices gave up an early advance today and turned slightly lower as a stronger dollar sparked long liquidation in cocoa futures. Cocoa prices initially rose today and hit 3-week highs. Cocoa markets are pricing in weather risks after an El Niño weather pattern was confirmed last week. An El Niño typically brings warmer, drier conditions to West Africa, reducing soil moisture, stressing cocoa trees, and lowering yields. Prices fell back from their best level today as the dollar strengthened.

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