May ICE NY cocoa (CCK25) today is up +29 (+0.31%), and May ICE London cocoa #7 (CAK25) is up +8 (+0.11%).
Cocoa prices today are slightly higher. Lingering supply concerns are underpinning cocoa prices after the plunge seen on Monday and last Friday to 3-1/4 month lows, which was driven by worries about cocoa demand and recent rain in the Ivory Coast and Ghana. However, gains in cocoa are limited after Nigeria's Jan cocoa exports jumped +27% y/y to 46,970 MT. Nigeria is the world's fifth-largest cocoa producer. Also, today's rally in the dollar index (DXY00) to a 1-week high limits the upside in cocoa prices.
