Jul-23 NY cocoa moved lower from May 1 through May 3, breaking prior support around the 20-day moving average and retracement support to settle at $2,870. The Sep-23 contract closed at $2,881, testing the 20-day average May 3 but falling to hold above support [...]
The first half of the midcrop is off to an auspicious start, with weekly arrivals far outpacing last season’s pace. In the most recent week, cumulative arrivals into both Abidjan and San Pedro were estimated around 50,000 MT vs. only 19,000 MT a year [...]
For 2016/17, ICCO now estimates raised production to 4.739 MMT and grind to 4.396 MMT, leaving add stocks nearly unchanged at 296,00 MT, carryout at 1.726 MMT. For 2017/18, cocoa production was raised 58,000 MT to 4.645 MMT, down 2 percent or 94,000 MT [...]
