Mar-18 ICE settled lower this Friday, surprisingly hitting a fresh contract low after breaking support between $1,860 and $1,865. With conditions favorable for West Africa’s crop, fundamentals were in the driver’s seat, with profit-selling also in play.
Ivory Coast arrivals are still running behind last year’s pace, but a mild Harmattan—due in part to La Niña’s moderating influence—and increased moisture may allow the main crop’s harvest to run longer while improving bean sizing and quality later in the season. Measures taken to curtail smuggling of beans to Ghana are reportedly having some minor success.
Cocoa futures prices