Ghana may increase the farmgate cocoa price by over 60%
At the end of trading Sep. 8, the Dec-23 NY cocoa contract closed at $3,654 per MT, $42 above Sep 7’s close and $40 above its session open. RSI is bearish at 67.4 percent, MACD moved from bearish to neutral, and the stochastic slightly overbought.
Dec-23 London cocoa found psychological resistance and settled at £3,050 per MT on Sep. 8. RSI is bearish at 77.5 percent, MACD is bullish, and the stochastic is overbought.
Bloomberg reported that cocoa regulators in Ghana may increase the farmgate cocoa price by over 60 percent to match the price of Ivory Coast and discourage cocoa smuggling to Ivory Coast.
Rainfall in Ivory Coast has been above average in the past week and favorable for the October-March main crop. Though the rain is beneficial to the main crop, sunshine will be needed to dry the beans from the early harvest.
The full version of this commentary appeared on our IQ platform Sep. 10, 2023. Further information, statistics, and pricing for the cocoa market are available to IQ subscribers.Learn more about becoming a subscriber.
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