Cocoa futures dropped on Wednesday after farmers in Côte d'Ivoire delivered more cocoa beans to the country's ports than forecasters had projected. "The sizeable crop that they’re still expecting" will keep cocoa futures low over the next few months, John Caruso, a senior market strategist at a Chicago broker, told Bloomberg News. Cocoa for December… Read more.
Coffee farms in Brazil had feared that a long spell of hot, dry weather might damage their crop, but forecasters are projecting rain for the next week across the state of Sao Paulo and Minas Gerais. That would help keep the coffee harvest strong, and traders reacted by driving down the price of the bean,… Read more.
The price of sugar jumped on Tuesday, while other soft commodities fell in the day’s trading. Pakistan may be forced to import raw sugar, the nation’s industries ministry said, rather than buying expensive white sugar. Pakistan has been devastated by lethal, destructive floods which have killed over 2,000 people, displaced 20 million people and flooded… Read more.
It wasn’t a good day to be long in commodities, with most major commodities except for cocoa, cotton, corn and orange juice futures taking hits as traders registered their fear of a global slowdown. The trend started in stock futures, which pointed slightly lower and then quickly tumbled. All three major indexes ended the day… Read more.
Data showing increased cocoa consumption by European food companies like Nestle pushed the price of futures up sharply in Thursday trading. On the ICE in New York, cocoa futures for September delivery rose $108 to $3,153 per ton. Advances on the Liffe exchange in London were more subdued, with the September contract gaining 1.6 percent… Read more.
Coffee futures got a positive early start this week, building on last week’s gains to hit fresh highs of $1.571 per pound in New York trading. Previously, concerns over supply and positive projections for global demand pushed up the price of both coffee and cocoa. Since then cocoa has dropped, but traders have remained optimistic… Read more.
Coffee futures and cocoa futures rose today, riding a number of factors higher for the third straight day. Today, Arabica coffee futures for July delivery passed $1.34 per pound while cocoa futures rose to $3,007 per metric ton. These numbers are up slightly from those reported by Bloomberg yesterday, which could indicate that both commodities… Read more.