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Rich Asplund

Cocoa Rallies on Global Cocoa Supply Woes

Ice NY London ICCO

Sep ICE NY cocoa (CCU23) on Wednesday closed +26 (+0.76%), and Sep ICE London cocoa #7 (CAU23) closed +52 (+2.05%).

Cocoa prices Wednesday moved higher, with NY cocoa posting a 12-year nearest-futures high. The outlook for tighter future cocoa supplies is bullish for prices on last Friday's news that 2023/24 Ivory Coast forward cocoa sales during Oct 1-July 7 fell -1.3 MMT (-13.3%) y/y. Also, the Ivory Coast cocoa regulator, Le Conseil Cafe Cacao, said Tuesday that the Ivory Coast is not making further forward sales of cocoa for export in the 2023/24 season. Gains in London cocoa accelerated Wednesday after the British pound (^GBPUSD) fell to a 1-week low against the dollar. The weaker pound boosts cocoa priced in sterling.

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