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Rich Asplund

Cocoa Prices Finish Higher on Lower Ivory Coast Cocoa Production

Ice Ivory Coast NY Ghana ICCO London

December ICE NY cocoa (CCZ24) Monday closed up +128 (+1.67%), and December ICE London cocoa #7 (CAZ24) closed unchanged.

Cocoa prices mainly settled higher Monday, with NY cocoa posting a 3-1/2 week high.  Lower cocoa production in the Ivory Coast, the world's largest producer, is bullish for cocoa prices.  Government data Monday showed that Ivory Coast farmers shipped 1.74 MMT of cocoa to ports from October 1 to September 22, down by -26% from the same time last year.   Also, ICE-monitored cocoa inventories held in US ports have been trending lower for the past 15 months and fell to a 15-year low Monday of 2,190,684 bags.  Gains in London cocoa were limited after the British pound (^GBPUSD) rallied to a 2-1/2 year high Monday, undercutting cocoa priced in terms of sterling.

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