Cocoa futures on the ICE exchange (COCOA) fell below $6,200 per tonne, down nearly 3% today, moving further away from recent one-month highs around $6,600, as optimism grows over strong West African harvest prospects.
- Farmers in Ivory Coast report that cocoa trees are in excellent condition, with dry weather supporting the drying process, while Ghanaian growers note that pods are maturing well under favorable weather conditions.
- According to chocolate maker Mondelez, the number of cocoa pods in West Africa is now 7% above the five-year average and significantly higher than last year’s level.
- The main harvest season in the Ivory Coast has just begun, and local producers remain optimistic about crop quality. On the other hand, concerns about weaker demand continue to weigh on prices.
- The world’s largest chocolate producer, Barry Callebaut, said in its latest financial results that it expects a mid-single-digit decline in cocoa product sales in the upcoming fiscal year due to persistently high raw material prices.
Meanwhile, the U.S. government shutdown has delayed the release of CFTC Commitment of Traders reports, which would normally provide more insight into the positioning of large speculators (Managed Money) and commercial traders (producers and sellers).
Source: xStation5
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