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Sept 12): Cocoa futures rose as much as 6.6% in New York as prospects for bigger harvests were outweighed by concerns about tight global inventories.
Ghana, the world’s second-biggest cocoa producer, said it would raise the amount it pays farmers by 45%. The move is expected to encourage more exports among growers that have been hoarding beans to await higher prices. It also may enable farmers to make longer-term investments that will bolster future harvests.
Still, uncertainty remains over whet
Forecast will go up with current weather - Cocoa is expected to trade at 10171.77 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 11842.57 in 12 months time.
Cocoa futures traded around $7,660 per pound, hovering close to their highest since early September, amid concerns over supplies in the key producing region of West Africa. Global supply remains tight due to adverse weather and disease outbreaks that impacted production in key cocoa-growing regions, particularly Ivory Coast and Ghana, driving the market into a four-year deficit. Latest data showed that Ivory Coast farmers shipped 1.773 MMT of cocoa to ports from October 1 to Sept 15, down 23%
Cocoa futures continued to climb, surpassing $8,500 per tonne, their highest since early September, driven by concerns over tight supplies in key West African producing countries. Recent data revealed that Ivory Coast farmers shipped 1.754 MMT of cocoa to ports between October 1 and September 22, a 24.5% decline compared to the same period last year.
