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Barchart
Rich Asplund

Stronger Dollar Sparks Long Liquidation Pressure in in Cocoa Futures

Ice ICCO NY London Ivory Coast

May ICE NY cocoa (CCK23) on Wednesday closed down -21 (-0.72%), and May ICE London cocoa #7 (CAK23) closed down -20 (-0.93%).

Cocoa prices Wednesday posted moderate losses as a stronger dollar sparked long liquidation pressure in cocoa futures.  On Monday, NY cocoa posted a 2-1/4 year nearest-futures high, and London cocoa posted a 3-1/2 month high, on reduced cocoa supplies from the Ivory Coast.  Monday's government data showed that Ivory Coast farmers sent a cumulative 1.78 MMT of cocoa to Ivory Coast ports for the 2022/23 marketing year (October 1 through March 26), down -3.8% y/y.  The Ivory Coast is the largest cocoa producer in the world.  

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