April 3rd, 2013

Cocoa futures trimmed declines in New York after falling below the 50-day moving average. Sugar fell.

Cocoa fell as much as 1.4 percent to $2,140 a metric ton, below the 50-day moving average of about $2,153 a ton, on ICE Futures U.S. in New York. The European Cocoa Association said on its website yesterday its first-quarter report on European cocoa grindings, a sign of demand, is due April 17.

“New York just went below the 50-day average and may be resulting in technical selling,” Keith Flury, an analyst at Rabobank International in London, said by e-mail today. “The market will likely stay in this range until the grinding data starts coming out.”

Cocoa futures for May delivery dropped 1.1 percent to $2,149 a ton by 7:38 a.m. in New York on ICE Futures. Selling on NYSE Liffe in London may have been triggered after prices failed to close above the 100-day moving average yesterday, Flury said. Prices in London were down 0.8 percent.

Continue reading »

April 1st, 2013

Cocoa futures rose to a seven-week high on speculation that supplies will be limited from Ivory Coast, the world’s biggest producer. Sugar, cotton, orange juice and coffee gained.

On March 29, Ivory Coast lowered by 3.6 percent the minimum guaranteed price that farmers will get for the mid-crop harvest that starts today, saying the shorter season usually results in smaller beans. From Oct. 1 to March 24, bean deliveries to Ivorian ports slid 1.3 percent, Commodities Risk Analysis in Bethlehem, Pennsylvania, said on March 27.

“This season’s mid-crop production is expected to produce lower quality beans,” and “port arrivals have been running behind schedule,” John Caruso, a senior commodity broker at RJO Futures in Chicago, said in an e-mail.

Continue reading »

February 12th, 2013

Cocoa futures dropped to a 10-month low in London as rain during the dry season boosted crop prospects for harvests in West Africa, the largest growing area. Coffee fell.

Most coastal areas of Ivory Coast and Ghana, which make up 58 percent of global production, will get 5 millimeters to 20 millimeters (0.2 to 0.8 inches) of rainfall through Feb. 19, according to data on the U.S. National Oceanic and Atmospheric Administration’s website today. Cocoa exports from Ivory Coast’s port of San Pedro climbed 33 percent to 275,630 metric tons from the start of the 2012-13 season in October through January, harbor data compiled by Bloomberg show.

Continue reading »

November 14th, 2012

Cocoa futures surged the most in four weeks after the president of Ivory Coast, the world’s largest producer, dissolved the nation’s government.

President Alassane Ouattara dissolved the government after members of the ruling coalition opposed a new law, said Amadou Gon Coulibaly, the general secretary of the presidency. Cocoa climbed to a 32-year high in March 2011 as supplies were disrupted by a civil war. The conflict left at least 3,000 dead following ex-leader Laurent Gbagbo’s refusal to cede power to Alassane Ouattara after a November 2010 election.

Continue reading »

November 12th, 2012

Cocoa Futures – Cocoa grinders are increasing output by the most in two years to meet record demand for chocolate, at a time when declining West African supply means the first shortages of beans in three seasons.

Processing will jump 4.9 percent in the season that began Oct. 1, according to Bethlehem, Pennsylvania-based Commodities Risk Analysis LC, which has tracked the market for 17 years. Chocolate sales will climb 5.7 percent to $108 billion, London- based Euromonitor International Ltd. estimates. Prices will rise as much as 7.8 percent to 1,665 pounds ($2,643) a metric ton in the first half of 2013 in London, according to the mean of 17 analyst estimates compiled by Bloomberg.

Continue reading »