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Barchart
Barchart
Rich Asplund

Cocoa Prices Post Moderate Gains as Ivory Coast Cocoa Exports Shrink

March ICE NY cocoa (CCH24) on Monday closed +41 (+1.00%), and Dec ICE London cocoa #7 (CAZ23) closed +27(+0.77%).

Cocoa prices on Monday posted moderate gains.  Signs of smaller cocoa output in the Ivory Coast, the world's largest cocoa producer, are bullish for prices.  On Monday, data from the Ivory Coast government showed Ivory Coast farmers shipped 479,449 MT of cocoa to ports from October 1-November 27, down -32.2% from the same time last year.  Gains in   London cocoa Monday were limited due to the strength of the British pound.  The pound Monday (^GBPUSD) climbed to a 2-1/2 month high against the dollar, undercutting cocoa that is priced in sterling.

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