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Cocoa Futures Extend Slide as Ivory Coast Harvest Picks Up - BLOOMBERG
(Bloomberg) -- Cocoa futures fell to the lowest in two weeks as a pickup in deliveries of beans to ports in Ivory Coast, the world’s biggest grower, helped ease tight supplies.
Bean arrivals at ports in the West African nation have reached 192,804 tons so far in the season that started Oct. 1, up 13% from about 170,794 tons a year ago. It marks the first time in a year that arrivals are running ahead of year-earlier figures, according to ADM Investor Services Inc.
Heavy rains in Ivory Coast earlier this month disrupted cocoa farming and transportation. But wet weather has since eased, potentially boosting pod harvesting and drying. Ivory Coast also revised upward its 2024-25 harvest forecast to as much as 2.2 million tons following a new pod count, Bloomberg reported Friday.
Cocoa futures in New York fell as much as 5.1% to $7,014 a ton, the lowest price since Oct. 8. Futures in London fell as much as 4.5%.
Mixed grindings data from Europe, Asia and North America last week also stoked fresh concerns that elevated cocoa prices would weigh more heavily on demand. Processing in North America and Asia rose, but grinds in Europe — the biggest consuming region — fell 3.3% in the third quarter from a year earlier.
“The grind reports were all together pretty decent but the cracks are definitely forming with that weak European number,” said John Goodwin, a senior commodity analyst at ArrowStream Inc.
