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Barchart
Barchart
Rich Asplund

West African Rain and Dollar Strength Fuel Long Liquidation in Cocoa

Ice London Cocoa NY Cocoa West Africa London NY Ivory Coast CFTC Deficit Ghana

March ICE NY cocoa (CCH25) today is down -229 (-2.04%), and March ICE London cocoa #7 (CAH25) is down -224 (-2.54%).

Cocoa prices today added to Thursday's sharp losses, with NY cocoa posting a 2-week low and London cocoa posting a 1-month low.  Cocoa prices are under pressure as recent rain in West Africa has boosted soil moisture levels, eased dry conditions, and sparked long liquidation in cocoa futures.   Losses in cocoa accelerated today after the dollar index (DXY00) rallied to a 1-week high.

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