cocoa futures news

cocoa futures news

June 1st, 2016

Cocoa plantations in Ghana are “in dire need of rainfall”, thanks to sustained West African dryness which threatening both quality and production in Ivory Coast too, the International Cocoa Organization warned.

The ICCO – expanding on an upgrade late on Tuesday by 67,000 tonnes, to 180,000 tonnes, in its forecast for the world cocoa production deficit in 2016-17 – said that the revision reflected largely weaker harvest prospects in West Africa, which is responsible for more than 70% of global output.

“Extreme weather conditions, resulting from the severe Harmattan winds within the West African region, combined with the impact of El Niño, have negatively affected the 2015-16 harvests,” the ICCO said.

In Ivory Coast, the Harmattan – a hot and dry wind blowing in from the Sahara, and which has a history of hurting cocoa yields – is said “to be among the strongest in three decades”.

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July 26th, 2012

Orange Juice Futures – Orange-juice sales continue to tumble as many U.S. consumers opt out of the popular breakfast beverage due to high prices.

Total domestic retail sales of orange juice were off 5.4% in terms of volume–and 0.6% in terms of revenue–for the four weeks ending July 7 versus the same period in 2011, according to Nielsen data published by the Florida Department of Citrus.

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July 29th, 2012

Hedge funds raised commodity bets in the longest bullish streak in three years as speculation that policy makers will increase economic stimulus drove prices toward the biggest monthly rally since October.

Money managers raised their net-long positions across 18 U.S. futures and options by 3.4 percent to 1.17 million contracts in the week ended July 24, U.S. Commodity Futures Trading Commission data show. Wagers gained for seven weeks, the longest increase since June 2009. Corn bets climbed to the highest since September 2011, and traders are the most bullish on natural gas since October 2006.

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July 28th, 2012

Cotton Futures – Plexus Cotton Limited reported that New York (NY) futures ended the week slightly lower, as December dropped 124 points to close at 71.39 cents.

The cotton market weakened earlier this week after renewed jitters about Spain and Italy led to another “risk off” move by money managers that put pressure on the entire commodity complex, including drought-stricken corn and soybeans.

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June 15th, 2012

Coffee Futures – Buyers of fine coffee from Brazil, the world’s largest producer, are getting a smaller discount as rains delay harvesting and threaten quality.

Fine cup beans for July and August shipment were at a discount of 11 cents a pound to the price on the ICE Futures U.S. exchange in New York, according to Rio de Janeiro-based broker Flavour Coffee. That compares with a discount of 12 cents last week, data from the broker show.

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June 15th, 2012

Sugar futures raw rose the most in more than a week on signs that rains will hamper crops in Brazil, the world’s top producer. Coffee gained, while cocoa slid.

Rains are forecast to last through the beginning of next week, according to Marco Antonio dos Santos, an agronomist at weather forecaster Somar Meteorologia in Sao Paulo. Rainfall has slowed Brazil’s sugar harvesting and spurred an 18 percent drop in the amount of cane processed by mills in the second half of May, Unica, an industry group, said yesterday.

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June 14th, 2012

Cotton futures rose to a two-week high as exports soared fivefold from the U.S., the world’s biggest shipper. Orange-juice prices fell to a three-week low.

Net sales of upland cotton jumped to 1.02 million running bales in the week ended June 7 from 199,233 a week earlier, the U.S. Department of Agriculture said in a report. A running bale weighs 500 pounds, or 227 kilograms.

“We’re up because of the absolutely monster sales that were reported,” Mike Stevens, an independent trader in Mandeville, Louisiana, said in a telephone interview. “This shows a tremendous amount of business.”

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May 31st, 2012

Commodity Investing – Commodities fell for a third day and are poised for the biggest monthly loss since the recession of 2008 as Europe’s escalating debt crisis dimmed prospects for demand and sent crude oil into a so-called bear market.

The Standard & Poor’s GSCI Spot Index of 24 raw materials dropped 1.1 percent to 596.96 at 11:15 a.m. in New York, down 13 percent in May, the most since November 2008. Earlier, the gauge slipped to 595.8, the lowest since Oct. 6. Crude oil is set for the biggest monthly decline since December 2008 in New York, while copper slumped 12 percent.

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May 29th, 2012

Orange juice on the ICE Futures U.S. exchange gained 2.3% Tuesday, after trading as much as 7.9% higher in the session, as tropical storm Beryl dumped rain across top orange-producing state Florida.

It is unknown whether the rains will help or hurt the state’s citrus groves, traders said. But even the hint of fresh fundamental news after a months-long dearth of new supply-and-demand information was enough to send investors who bet that prices would fall scrambling to lock in profits.

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May 15th, 2012

Orange Juice futures – Investors are squeezing every last drop out of the orange-juice futures rout.

Frozen orange-juice concentrate futures are on the move again, dropping more than 3% to their lowest level since November 2009.

Traders say not only are investors still closing out bets that prices will rise, but more bets that prices will fall are entering the market as well.

Orange juice futures for July delivery on the ICE Futures U.S. exchange was 3.5% lower at $1.1250 a pound in afternoon trade, having recovered slightly from an intraday low of $1.1175/lb.

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