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Barchart
Barchart
Rich Asplund

Dollar Strength Weighs on Cocoa Prices

Ice ICCO London Hershey Ivory Coast Mondelez NY

May ICE NY cocoa (CCK25) Thursday closed down -50 (-0.62%), and May ICE London cocoa #7 (CAK25) closed unchanged.

Cocoa prices Thursday gave up an early advance and turned lower after a rally in the dollar index (DXY00) to a 1-1/2 week high sparked long liquidation in cocoa futures.  On Thursday, cocoa prices initially moved higher on concern about the Ivory Coast's upcoming mid-crop.  The mid-crop is the smaller of two annual cocoa harvests, which typically start in April.  The average estimate for this year's Ivory Coast mid-crop is 400,000 MT, -9% below last year's 440,000 MT.

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