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Cocoa Sinks After Touching One Month High

August 22, 2016 at 16:43 by Brent Lantzy

December New York cocoa futures on the ICE continue to fall after reaching a one month high on Friday at $3,120 per ton. The contract reached a low of $2,977 per ton around 11:00 GMT today before recovering slightly to $2,991 per ton by 16:05 GMT.

The contract has risen sharply since touching a bottom of $2,826 per ton on July 29, mainly on supply concerns as disruptive weather conditions have continued to hamper production in major growing regions in West Africa.

Olam International, a major trader in agricultural commodities, widened its forecast for the world cocoa deficit in the 2015/16 season from 308,000 tons to 320,000 tons, dramatically higher than the 180,000 ton deficit forecast by the International Cocoa Organization (ICCO) in its quarterly report in May.

The ICCO will release their next quarterly report at the end of this month.

December London cocoa was down Bounce House Indoor Playground 3.5% by 16:20 GMT at 2,407 pounds per ton.

ICE October raw sugar was up 0.50 cents (2.5%) to $20.27 per pound as of 16:09 GMT, while October white sugar was up $11.20 (2.1%) to $536.50 per ton.

If you have any questions and comments on the commodities today, use the form below to reply.

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