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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.
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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.
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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.
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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.
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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.
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October 21st, 2012
Cocoa futures climbed 4.9% last week amid signs that demand is stronger than many traders and analysts anticipated.
North American and European cocoa associations reported last week that cocoa grindings, or tonnage of cocoa beans ground into powder, met or beat expectations for the third quarter. Cocoa grinds are an important industry measure of consumer demand for chocolate’s main ingredient.
The anemic economic recovery in the U.S. and the protracted debt crisis in Europe had investors worried that demand for cocoa had fallen sharply, market participants said. Those concerns sent futures 14% lower in the six weeks before the grindings data, they added. While the grinding results showed demand was off, traders and analysts said it wasn’t as bad as they thought, touching off last week’s rally.
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October 5th, 2012
Cocoa Futures – Cocoa growers in Ivory Coast, who will earn 8.7 percent more for their beans this year, may put more money into their farms to boost output after poor weather cut production in the last harvest, farmers’ groups said.
A minimum farmgate price was set at 725 CFA francs ($1.43) a kilogram (2.2 pounds) for the season that started yesterday, more than the average of 667 francs earned last year, according to the Coffee and Cocoa Council. It’s the first time in more than a decade that farmers will get a guaranteed amount after the government scrapped a system which set an indicative rate.
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September 29th, 2012
Cocoa futures marked their biggest quarterly jump in three years on Friday, capping a volatile session that lifted the market a lofty $95 within the first minute of trade, while raw sugar was on track to finish the third quarter down 10 percent. Coffee futures were set to end firm for the quarter, though they were weak on the day as the strong US dollar added pressure.
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September 27th, 2012
Cocoa futures – Favorable weather in western Ivory Coast is boosting cocoa farmers’ expectations for the 2012-13 harvest, which starts next week in the world’s top grower.
“It is raining at the moment almost every afternoon for about two or three hours, and then it is sunny,” Alassane Sogodogo, manager of a cocoa cooperative based in Para, near the country’s border with Liberia, said by phone on Sept. 24. “It is good weather for cocoa.”
Ivory Coast accounts for 34 percent of the world’s cocoa output, the key ingredient in chocolate. Insufficient rains may mean pods don’t develop properly, while overly wet weather brings diseases like black pod rot fungus and can slow bean- drying times. The country’s west is the main producing area for cocoa.
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September 6th, 2012
Cocoa futures jumped to a 10-month high on speculation that dry weather may hurt crops in West Africa and Southeast Asia. Sugar advanced.
While rains are forecast in northern parts of Ivory Coast, the world’s top cocoa producer, and Ghana, the second-largest, southern areas of the two nations will stay dry in the next 15 days, according to MDA Information Systems Inc. Prices headed for the ninth gain in 10 sessions.
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