March ICE NY cocoa (CCH24) on Monday closed -60 (-1.40%), and Mar ICE London cocoa #7 (CAH24) closed -53 (-1.48%).
Cocoa prices Monday gave up an early advance and closed moderately lower as a strong dollar induced long liquidation in cocoa futures. March NY cocoa Monday initially climbed to a contract high on carryover from last 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 the halt is prolonged into the next season.
