
March ICE NY cocoa (CCH26) today is up +104 (+2.09%). March ICE London cocoa #7 (CAH26) is up +67 (+1.84%).
Cocoa prices are moving higher today as a smaller-than-expected decline in Asian cocoa grindings sparked short covering in cocoa futures. The Cocoa Association of Asia reported today that Q4 Asian cocoa grindings fell -4.8% y/y to 197, 022 MT, a smaller decline than expectations of 12% y/y. Also, Q4 North American cocoa grindings rose +0.3% y/y to 103,117 MT, slightly better than expectations of no change.