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Barchart
Barchart
Rich Asplund

Cocoa Selloff Deepens as Ivory Coast Harvest Gathers Steam

December ICE NY cocoa (CCZ24) Thursday closed down -245 (-3.50%), and December ICE London cocoa #7 (CAZ24) closed down -205 (-3.81%).

Cocoa prices on Thursday extended their week-long selloff, with NY cocoa dropping to a 7-3/4 month nearest-futures low and London cocoa falling to a 2-week low.  Harvest pressures in the Ivory Coast are undercutting cocoa prices.  Monday's government data showed that Ivory Coast farmers shipped 192,804 MT of cocoa to ports from October 1 to October 20, up +12.9% from 170,794 MT shipped the same time last year.  The Ivory Coast is the world's largest cocoa producer.  

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