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Barchart
Rich Asplund

Cocoa Prices Underpinned by Smaller Supplies from the Ivory Coast

Ice ICCO Ivory Coast the Ivory Coast NY London

May ICE NY cocoa (CCK23) on Thursday closed up +37 (+1.28%), and May ICE London cocoa #7 (CAK23) closed up +9 (+0.42%).

Cocoa prices Thursday recovered from early losses and closed moderately higher, with NY cocoa posting a 2-1/3 year nearest-futures high.  Smaller cocoa supplies from the Ivory Coast sparked fund buying and underpinned cocoa prices.  Monday's government data showed that Ivory Coast farmers sent a cumulative 1.78 MMT of cocoa to Ivory Coast ports for the 2022/23 marketing year (October 1 through March 26), down -3.8% y/y.  The Ivory Coast is the largest cocoa producer in the world.  

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