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Rich Asplund

Dollar Weakness and Slowing Ivory Coast Exports Boost Cocoa Prices

Ice Ivory Coast ICCO London NY

July ICE NY cocoa (CCN25) today is up +233 (+2.39%), and July ICE London cocoa #7 (CAN25) is up +108 (+1.68%).

Cocoa prices today recovered from early losses and turned higher as the dollar index (DXY00) weakened.  Also, the slowing pace of cocoa exports from the Ivory Coast is supportive for prices as it signals tighter future cocoa supplies.  Today's government data showed that Ivory Coast farmers shipped 1.66 MMT of cocoa to ports this marketing year from October 1 to June 15, up +6.4% from last year but down from the much larger +35% increase seen in December.

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