Large speculative funds liquidate their entire cocoa position

The most recent Commodity Futures Trading Commission (CFTC) report showed that large speculators sold close to 18,000 long futures contracts, reducing their total net length (futures only) to a nominal 126 total contracts. Including futures and options, the large spec category is now net [...]

ICCO now projects 2021/22 cocoa deficit of 174,000 MT

The latest estimate from International Cocoa Organization (ICCO) showed a 174,000 MT deficit in the 2021/22 season, little changed from their previous forecast of a 181,000 MT shortfall, partly the result of a weaker grind forecast, which may be reflected in Q2 grind numbers [...]

Surging greenback could help press pause on dollar-denominated commodities

Interest rates were increased by 50 basis points in an early-May Fed meeting, and there was strong insinuation the move would be followed by another hike of 50 points at the June meeting and perhaps several more later this year. Higher yield is attracting [...]

Western Europe first-quarter cocoa grind off to the races

Results for cocoa beans processed and converted into various chocolate products during Q1 are starting to be reported. Cocoa processors across Europe reported a total of 373,498 MT of beans consumed during Q1 2022, 4.4 percent above the prior year. The results reported also [...]

U.S. certified cocoa bean stocks pick up, remain above year-ago levels

At the end of March, cocoa beans in U.S. certified storage were reported at 4.69 million bags, up nominally from levels in recent months but some 11 percent above year-ago levels. Typically, cocoa in storage would rise in the first half of the year [...]

Cocoa farmers welcome rain ahead of midcrops

Precipitation has returned across cocoa-growing regions of West Africa, marking the end of the harmattan season and several months of dry conditions. Throughout most of Q1, cumulative rainfall has trailed both last season and the mean recorded rainfall. Cocoa trees were stressed, and excessive [...]

May-22 NY cocoa falls below 20-day average to a two-week low

In a short-term rally, benchmark May-22 NY cocoa reached a three-week high of $2,683 last week. The contract fell from last Friday to this Tuesday to two-week low of $2,522, testing but failing to close below the lower Bollinger Band and psychological and retracement [...]

Continued dryness prompts traders to raise the forecast cocoa deficit

This year’s harmattan or dry season across West Africa has been particularly dry in recent months. Poor rains have hurt the tree canopy and raised concerns over pod development for the upcoming midcrop. As soil moisture drops, stress increases on cocoa trees, causing leaves [...]

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