Futures Market News
Ivory Coast cocoa unlikely to approach record production, commodities specialist says
Mar 22, 2012 02:06 PM
Last year's record of 1.5 million metric tons will trump this year's production of 1.4 million metric tons if there are no reforms and unless the weather becomes enormously favorable to the crop, states a report authored by commodities specialist Edward George. The West African nation kicked off auctions in January to be sure farmers acquired a guaranteed price for the cocoa beans.
"The reforms are definitely a work in progress," George said. "We're working with a hedge fund that wants to completely reorganize the production side to increase yields, have training and set up cooperatives."
At 2 p.m. on Thursday, cocoa futures fell 3.14 percent, a $74 loss to $2,285 per metric ton.
Reuters reports cocoa futures' losses on Thursday were attributable to investor sales, according to brokers who also noted the Ivory Coast's mid-crop harvest might have augmented market pressure.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: The Future of Natural Gas in the U.S.
Are you interested in the Energy futures market? Sign up and receive our detailed report today!
Through our exclusive research, you will have access to current global events and price projections that may help you learn how this particular market has the potential to be a strong investment as a commodity.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.