More accommodative weather this month and last in the globe's top producer of cocoa is projected to help production achieve its harvest target of 800,000 metric tons, according to the nation's industry regulator.
Bloomberg reports deputy chief executive officer Yaw Adu-Ampomah with the Ghana cocoa industry said the target of 800,000 metric tons is within reach this season. As the nation's third-largest export, cocoa reached a record amount of 1 million tons during the crop season for 2010-11.
"The rains delayed but have come in," the cocoa industry regulator told the news source in the capital of Accra late last week. "We could replicate last season's performance, the difference is not significant.
At 8:44 a.m. on Monday, cocoa futures fell 0.91 percent, a $21 loss to $2,292 per metric ton.
Monday's trade session opened with the soft commodity at its lowest rate in 21 weeks after Friday's market performance, The Wall Street Journal reports. The soft commodity's losses thus far this month as of Friday were 8.9 percent.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.