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Similar to Debbie Downer (SNL) here’s my thoughts on the current Cocoa Market.
The price corrections in cocoa could be short-lived. I refer you back to my blog back on March 13th titled “5 Indicators that Cocoa could go to the BULLS “as some of the factors behind the market’s rally.
· Cocoa market fell in February on fears that a recession decrease chocolate demand.
· A good portion of yesterday’s gains were due to the steep fall in the dollar
· Likely seeing price support from arbitrage
· Index funds may be lured back to the cocoa market as inflation concerns escalate
· Let’s not forget about the tight supply view and concerns over the spread of black pod disease damaging the mid-crop
· There is a lower mid-crop output forecast by Ivory Coast pod counters.
· Nigerian farmers are the latest West African producers raising warning flags over the rising odds of a fungal attack.
· Lotte Holdings Co. is in talks to buy German chocolate company Stollwerck (owned by Barry Callebaut). They’re aiming to expand into Europe.
· Easter is the second-biggest holiday of the year, beaten out only by Halloween, and the NCA says some 88% of adults give kids Easter baskets with candy. Peeps, is the best-selling non-chocolate Easter candy but, there is a new Chocolate Mousse Flavored Bunnies. Consumers are planning to cut back this Easter. Here are the averages:
o Celebrating Spend – This year: $116.59 Last year: $135.03 last year
o Easter Dinner – This year: $37.67 Last year: $41.09
o Easter Flowers - This year: $7.55 Last Year: $9.11
o Easter Candy - This year: $16.55 Last year: $18.12
o Easter Gifts – This year: $17.30 Last year: $21.42
o Easter Clothes - This year: $19.44 Last year $23.82
The price corrections in cocoa could be short-lived. I refer you back to my blog back on March 13th titled “5 Indicators that Cocoa could go to the BULLS “as some of the factors behind the market’s rally.
· Cocoa market fell in February on fears that a recession decrease chocolate demand.
· A good portion of yesterday’s gains were due to the steep fall in the dollar
· Likely seeing price support from arbitrage
· Index funds may be lured back to the cocoa market as inflation concerns escalate
· Let’s not forget about the tight supply view and concerns over the spread of black pod disease damaging the mid-crop
· There is a lower mid-crop output forecast by Ivory Coast pod counters.
· Nigerian farmers are the latest West African producers raising warning flags over the rising odds of a fungal attack.
· Lotte Holdings Co. is in talks to buy German chocolate company Stollwerck (owned by Barry Callebaut). They’re aiming to expand into Europe.
· Easter is the second-biggest holiday of the year, beaten out only by Halloween, and the NCA says some 88% of adults give kids Easter baskets with candy. Peeps, is the best-selling non-chocolate Easter candy but, there is a new Chocolate Mousse Flavored Bunnies. Consumers are planning to cut back this Easter. Here are the averages:
o Celebrating Spend – This year: $116.59 Last year: $135.03 last year
o Easter Dinner – This year: $37.67 Last year: $41.09
o Easter Flowers - This year: $7.55 Last Year: $9.11
o Easter Candy - This year: $16.55 Last year: $18.12
o Easter Gifts – This year: $17.30 Last year: $21.42
o Easter Clothes - This year: $19.44 Last year $23.82
Change To Trading Hours For ICE Agricultural
Contracts - Effective March 30, 2009
Effective with the start of trading on Sunday, March 29 for trade date Monday, March 30, 2009, the Exchange is revising electronic trading hours for all agricultural futures and option contracts.
With the changes, electronic trading hours for these products will be as follows (all times shown in NY times and changes from current hours are shown in bold):
ETS Hours OPEN CLOSE
Sugar No. 11 Futures and Options 3:30 AM 2:00 PM
Coffee "C" Futures and Options 3:30 AM 2:00 PM
Cocoa Futures and Options 4:00 AM 2:00 PM
Cotton No. 2 Futures and Options 9:00 PM 2:30 PM
FCOJ Futures and Options 8:00 AM 2:00 PM
Sugar No. 14 and 16 Futures 9:00 AM 2:00 PM
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