Cocoa futures extend their downward trend (COCOA: -2%) after U.S. chocolate producer Mondelez International suggested an improvement in raw material supply.
According to the company, the upcoming season in West Africa will bring a larger number of cocoa pods. The new forecasts reinforce the strong bearish trend in cocoa that resumed in May, after prices reached a record high of USD 12,000 per ton at the turn of 2024/2025.
Following a poor 2dd023/2024 harvest, the pod count in West Africa recently rebounded to 7% above the 5-year average. However, pod maturation remains uncertain. Commodity Weather Group reported that the past 60 days were the driest since 1979, which makes it difficult to forecast how much cocoa supply will actually increase.
After attempting to hold yesterday’s level at the start of the session, the COCOA contract decisively turned lower, heading toward Tuesday’s low. Source: xStation5
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