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Barchart
Rich Asplund

Cocoa Prices Settle Higher on Dollar Weakness and Slowing Ivory Coast Exports

July ICE NY cocoa (CCN25) Monday closed up +267 (+2.73%), and July ICE London cocoa #7 (CAN25) closed up +108 (+1.68%).

Cocoa prices on Monday recovered from early losses and moved higher as the dollar index (DXY00) weakened.  Also, the slowing pace of cocoa exports from the Ivory Coast is supportive of prices as it signals tighter future cocoa supplies.  Monday's government data showed that Ivory Coast farmers shipped 1.66 MMT of cocoa to ports this marketing year from October 1 to June 15, up +6.4% from last year but down from the much larger +35% increase seen in December.

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