May-23 NY cocoa continued its rally this Tuesday to a fresh contract high of $2,782 after testing psychological resistance around $2,800 before falling slightly Wednesday.
The market seems concerned over a sudden drop in West African bean arrivals, with some reports now suggesting that tight stocks could be inadequate to meet current contracted export sales. Ivory Coast’s CCC has sought to allay fears, per Confectionery Production, stating “that everything is done to facilitate the supply of beans to exporters and avoid any risk of default.”
Recent rains should support soil moisture, tree health, and development of midcrop beans in West African growing regions. GEPEX reported Ivory Coast and Ghana grind up 13 percent YOY in December.
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May-23 NY cocoa
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