Benchmark NY cocoa falls to nine-session low

After rallying over recent weeks, most-active Dec-22 NY failed to break retracement and psychological support near $2,400 last week. The contract tested that level at the start of this week but fell in the first three sessions, closing Wednesday at a nine-session low of [...]

ICCO raises projected cocoa deficit for 2021/22

With one month remaining in the season, ICCO officials raised their 2021/22 deficit estimate to 230,000 MT this last week. Per Reuters, officials cited solid growth in demand in the current season as the principal driver of the shortfall, with Asian and European grind [...]

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 [...]

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 [...]

Nearby NY & London cocoa futures rebound, still below mid-January highs

After sliding in late January, nearby Mar-22 NY cocoa rallied in the last four sessions, settling Wednesday straddling retracement resistance near $2,615. Dry, hot weather in West Africa, coupled with a downward correction for the dollar, seems to be supporting the market. Support may [...]

Poor precipitation in July & August could impact new main crop

The 2020/21 main crops will begin in October and the cacao fruit needs enough moisture for proper pod growth and bean development. The summer months of June through August mark the tail end of the 2019/20 midcrop, and trees begin forming pods for the [...]

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