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Rich Asplund

Cocoa Prices See Continued Support from Lower Ivory Coast Supply

Ice Ivory Coast ICCO London NY

July ICE NY cocoa (CCN23) on Wednesday closed up +2 (+0.07%), and July ICE London cocoa #7 (CAK23) closed down -4 (-0.17%).

Cocoa prices Wednesday settled mixed, with London cocoa falling to a 1-1/2 week low.  A stronger dollar Wednesday weighed on cocoa prices as the dollar index climbed to a 2-1/2 month high.  However, losses in cocoa prices were limited by signs of smaller supplies from the Ivory Coast.  The Ivory Coast government reported Monday that farmers sent a cumulative 2.09 MMT of cocoa to Ivory Coast ports for the 2022/23 marketing year (October 1 through May 28), down -3.0% y/y.  The Ivory Coast is the largest cocoa producer in the world.  

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