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Barchart
Rich Asplund

NY Cocoa Climbs on Lower Ivory Coast Cocoa Output

December ICE NY cocoa (CCZ24) is up +116 (+1.49%), and December ICE London cocoa #7 (CAZ24) is down -81 (-1.54%).

Cocoa prices today are mixed, with London cocoa sliding to a 2-1/2 week low.  Lower cocoa production in the Ivory Coast, the world's largest producer, supports cocoa prices.  Government data Monday showed that Ivory Coast farmers shipped 1.74 MMT of cocoa to ports from October 1 to September 22, down by -26% from the same time last year.   Also, ICE-monitored cocoa inventories held in US ports have been trending lower for the past 15 months and fell to a 15-year low Monday of 2,190,684 bags.  However, London cocoa retreated today after the British pound (^GBPUSD) rallied to a 2-1/2 year high, which undercuts cocoa priced in terms of sterling.

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