Most-active Jul-23 NY cocoa trailed lower over the last week in April to a three-week low before rebounding May 4 and May 5 back above $2,9000 and the 20-day moving average to close the week at $2,933. Sep-23 NY cocoa also rebounded from a three-week high back above the 20-day average to settle May 5 at $2,947. For both contracts, RSI is neutral, MACD is bearish, and the stochastic showed a bullish crossover.

Total trading volume in NY cocoa futures tapered slightly toward the end of April and the beginning of May. The dollar has continued to trade sideways, mostly from the 20-day moving average to the lower Bollinger Band.

Certified cocoa bean stocks in the U.S. were 5.543 million bags in the first week of May, up 10 percent YOY.

Benchmark Jul-23 London cocoa did rebound from a three-week low of £2,179 May 3, moving higher in recent sessions but closing below resistance at £2,226 and the 20-day moving average May 5 at £2,216. RSI is neutral, MACD is strongly bearish, and the stochastic moved from bearish to neutral.

The full version of this commentary appeared on our IQ platform May 5, 2023. Further information, statistics, and pricing for the cocoa market are available to IQ subscribers. Learn more about becoming a subscriber.