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Barchart
Rich Asplund

Dollar Strength Undercuts Cocoa Prices

Ice ICCO Hershey Ivory Coast London Mondelez

May ICE NY cocoa (CCK25) Monday closed down -140 (-1.74%), and May ICE London cocoa #7 (CAK25) closed down -61 (-0.97%).

Cocoa prices fell on Monday due to a stronger dollar.  Cocoa prices have been on the defensive over the past seven weeks and fell to 4-1/2 month lows on March 21 on an improving supply outlook.  On February 28,  the International Cocoa Organization (ICCO) forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in 4 years.  ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT.

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