World: Supply scenario worsens and cocoa advances in the USA's New York

Published 2024년 5월 23일

Tridge summary

Cocoa prices in New York have increased for the second consecutive session, with the most traded July contracts rising 1.92% to $7,536 a ton. This rise is due to limited supply and concerns over reduced production in West Africa and Côte d'Ivoire. Meanwhile, coffee prices also increased by 1.50% for July delivery. However, concerns about climate in Vietnam and lower quality of Brazilian harvest are impacting the market. Cotton prices surged by 3.92% due to technical movements. Oranges saw a slight increase in price, while sugar experienced a decrease due to expectations of increased supply.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Cocoa remained valued in New York and advanced for the second consecutive session. Contracts for July, the most traded, closed up 1.92%, to US$7,536 a ton. Restricted supply problems still guide negotiations in the foreign market. A publication on the Barchart website highlights that prices are undergoing a correction, after reaching lows of two and a half months on Monday. The recovery came after a report from consultancy Hightower pointed out that the reduction in the use of fertilizers and pesticides by cocoa producers in West Africa will harm production during the 2024/25 season, which starts in October. Furthermore, lower cocoa production in Côte d'Ivoire, the world's largest producer, continues to be an important factor driving up prices. Local government data shows that the country's farmers sent 1.43 million tons of almonds to local ports between October 1 and May 19, a 30% drop compared to the same period last year. Trader Ecom Agroindustrial projects that Ivory Coast's ...

Source: Mercado Do Cacau