May ICE NY cocoa (CCK25) Monday closed up +445 (+5.32%), and May ICE London cocoa #7 (CAK25) did not trade with markets in London closed for the Easter Monday holiday.
May NY cocoa rallied sharply to a 2-week high Monday on positive carryover from last week's news that showed better-than-expected global cocoa demand. Q1 North American cocoa grindings fell -2.5% y/y to 110,278 MT, better than expectations of at least a -5% y/y fall. Also, Q1 European cocoa grindings fell -3.7% y/y to 353,522 MT, a smaller decline than expectations for a -5% y/y drop. In addition, Q1 Asian cocoa grinding fell -3.4% y/y to 213,898 MT, a smaller decline than expectations for a fall of at least -5% y/y.
