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Rich Asplund

SHOCKING: Dollar strength undercuts cocoa prices | Mind Blowing Facts

Ice ICCO Ivory Coast London

December ICE NY cocoa (CCZ24) today is down -321 (-4.43%), and December ICE London cocoa #7 (CAZ24) is down -176 (-3.10%).

Cocoa prices today are sharply lower and posted 1-week lows.  Today's rally in the dollar index (DXY00) to a 4-month high weighed on most commodity prices, including cocoa.   Cocoa prices were already on the defensive due to the acceleration of the Ivory Coast cocoa harvest.  Monday's government data showed that Ivory Coast farmers shipped 365,072 MT of cocoa to ports from October 1 to November 3, up +26% from 288,686 MT shipped the same time last year.  The Ivory Coast is the world's largest cocoa producer.  

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