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Barchart
Barchart
Rich Asplund

NY Cocoa Soars to a 12-Year High on Supply Concerns

Sep ICE NY cocoa (CCU23) on Tuesday closed +48 (+1.43%), and Sep ICE London cocoa #7 (CAU23) closed +18 (+0.72%).

Cocoa prices Tuesday settled moderately higher, with NY cocoa posting a 12-year nearest-futures high.  The outlook for tighter future cocoa supplies is bullish for prices on last Friday's news that 2023/24 Ivory Coast forward cocoa sales during Oct 1-July 7 fell -1.3 MMT (-13.3%) y/y.  Also, the Ivory Coast cocoa regulator, Le Conseil Cafe Cacao, said Tuesday that the Ivory Coast is not making further forward sales of cocoa for export in the 2023/24 season.

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