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Rich Asplund

Dollar Strength Sparks Long Liquidation in Cocoa Futures

Ice NY ICCO Deficit Ghana London

Dec ICE NY cocoa (CCZ23) on Wednesday closed -54 (-1.28%), and Dec ICE London cocoa #7 (CAZ23) closed -15 (-0.43%).

Cocoa prices on Wednesday posted moderate losses as strength in the dollar sparked long liquidation pressures in cocoa futures.  On Tuesday, NY cocoa soared to a 46-year nearest-futures high on concern that current cocoa production will be unable to replenish supplies to avoid a global deficit.  Also, ICE-monitored cocoa inventories held in U.S. ports have declined steadily since June and posted a 2-1/2 year low Wednesday.

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