July ICE NY cocoa (CCN24) on Tuesday closed up +279 (+2.89%), and July ICE London cocoa #7 (CAN24) closed up +65 (+0.77%).
Cocoa prices on Tuesday settled moderately higher. Lower cocoa production in the Ivory Coast, the world's largest producer, is a bullish price factor. Government data Tuesday showed that Ivory Coast farmers shipped 1.56 MMT of cocoa to ports from October 1 to June 16, down by 29% from the same time last year. Trader Ecom Agroindustrial projects Ivory Coast 2023/24 cocoa production, which ends in September, will fall -21.5% y/y to an 8-year low of 1.75 MMT.
