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Rich Asplund

Cocoa Prices Strengthen on Smaller Ivory Coast Supplies

Ice Ivory Coast ICCO London NY the Ivory Coast

May ICE NY cocoa (CCK23) on Thursday closed up +16 (+0.55%), and May ICE London cocoa #7 (CAK23) closed up +17 (+0.78%).

Cocoa prices Thursday posted moderate gains, with London cocoa climbing to a 6-1/3 year nearest-futures high.  A weaker dollar Thursday was supportive of cocoa prices.  Signs of smaller cocoa supplies from the Ivory Coast have fueled fund buying and boosted prices.  Last Friday, the Ivory Coast Agriculture Minister said that the Ivory Coast mid-crop, the smaller of the country's two annual harvests that began April 1, is expected to fall -25% y/y to 450,000 MT.  That sparked a rally in NY cocoa to a 2-1/3 year nearest-futures high last Friday and a rally in London cocoa to a 6-1/3 year high Thursday.

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