Cocoa prices plummet in the US, while cotton soars

This Monday (23/6), cocoa prices plummeted on the New York Stock Exchange by 5.25%, with contracts for delivery in July being traded at US$8,523 per ton. This decrease is mainly attributed to expectations of a better harvest than initially expected in West Africa, the main producing region. The volatility of the weather weighs on almond negotiations, which return to levels below US$9,000 per ton at a slower pace for the industry to build its stocks. This morning, contracts are just over 44 thousand. On the other hand, cotton prices jumped 4.88%, being traded at 71.52 cents per pound, in a mixed market trend of ups and downs. Analysts point to uncertainty regarding next season's supply in the United States, combined with robust demand from the Asian textile industry, contributing to the volatility observed in the market. Barchart's commodity bulletin analysis recalls that the feather ended last week at the lowest hedge fund positions in the last 52 weeks. These funds have sold an ...