Cocoa Market News March 16, 2009
· Malaysia needs to import 423,946 MT to cater to its country’s needs
· Cocoa industry is among the main contributors to the country's commodity
· As mentioned the 185 year old company, Cadbury, is taking their Dairy Milk line and certifying it Fairtrade. Origin = Ghana.
· Nigeria: Price for better graded cocoa sold higher than previous week. A big cocoa producer in the south-eastern cocoa belt attributed to improvement on grade. The quality has gone down because farmers have not been fermenting the beans properly.
· The south-eastern cocoa belt accounts for aprox. 28% of Nigeria’s annual production of 242,000 MT (533,513,200 lbs).
· A fifth of Ivory coast revenues come from Cocoa
· The Commerce Department reported Friday U.S. cocoa bean imports fell 14.0% in January from a month ago and up 16.0% from the previous year
· Ivory Coast will finance 15.2 million Euros for a national program to improve the quality. It loses 228.6 million Euros each year due to bad quality
· Cameroon government has secured a $31 million loan from the Belgian government for a new bridge and modernize the Sanaga bridge in the country's second main cocoa region of the Center province.
· Cameroon annual cocoa output of more than 187,000 MT
· Most-active May cocoa settled up $47 at $2,428 MT
· The weaker U.S. dollar boosted prices
· Speculative buying on stronger equities prices and ran up to the $2,440 session high ahead of the close.
· If cocoa futures continue in choppy sideways trade could keep speculative buying into the market.
Side note:
· Corn reaching a 7 week high and Soybeans posting the largest gains in two months on speculation those government bailouts will stimulate the revival of the world economy and demand for food, stock feed and crop based fuels.
· The US Dollar Index dropped to a three week low
· Equity markets around the globe also rose for the 5th straight day (hooray!!)
Contract Last Change Open
Mar '09 (CCH9) 2420s +42 0
May '09 (CCK9) 2428s +47 2388
Jul '09 (CCN9) 2430s +47 2384
Sep '09 (CCU9) 2428s +47 2405
Dec '09 (CCZ9) 2421s +50 2380
Mar '10 (CCH0) 2414s +51 2418
May '10 (CCK0) 2417 +51 0
Jul '10 (CCN0) 2429s +53 0
Sep '10 (CCU0) 2433s +60 0
Dec '10 (CCZ0) 2446s +49 0
· Malaysia needs to import 423,946 MT to cater to its country’s needs
· Cocoa industry is among the main contributors to the country's commodity
· As mentioned the 185 year old company, Cadbury, is taking their Dairy Milk line and certifying it Fairtrade. Origin = Ghana.
· Nigeria: Price for better graded cocoa sold higher than previous week. A big cocoa producer in the south-eastern cocoa belt attributed to improvement on grade. The quality has gone down because farmers have not been fermenting the beans properly.
· The south-eastern cocoa belt accounts for aprox. 28% of Nigeria’s annual production of 242,000 MT (533,513,200 lbs).
· A fifth of Ivory coast revenues come from Cocoa
· The Commerce Department reported Friday U.S. cocoa bean imports fell 14.0% in January from a month ago and up 16.0% from the previous year
· Ivory Coast will finance 15.2 million Euros for a national program to improve the quality. It loses 228.6 million Euros each year due to bad quality
· Cameroon government has secured a $31 million loan from the Belgian government for a new bridge and modernize the Sanaga bridge in the country's second main cocoa region of the Center province.
· Cameroon annual cocoa output of more than 187,000 MT
· Most-active May cocoa settled up $47 at $2,428 MT
· The weaker U.S. dollar boosted prices
· Speculative buying on stronger equities prices and ran up to the $2,440 session high ahead of the close.
· If cocoa futures continue in choppy sideways trade could keep speculative buying into the market.
Side note:
· Corn reaching a 7 week high and Soybeans posting the largest gains in two months on speculation those government bailouts will stimulate the revival of the world economy and demand for food, stock feed and crop based fuels.
· The US Dollar Index dropped to a three week low
· Equity markets around the globe also rose for the 5th straight day (hooray!!)
Contract Last Change Open
Mar '09 (CCH9) 2420s +42 0
May '09 (CCK9) 2428s +47 2388
Jul '09 (CCN9) 2430s +47 2384
Sep '09 (CCU9) 2428s +47 2405
Dec '09 (CCZ9) 2421s +50 2380
Mar '10 (CCH0) 2414s +51 2418
May '10 (CCK0) 2417 +51 0
Jul '10 (CCN0) 2429s +53 0
Sep '10 (CCU0) 2433s +60 0
Dec '10 (CCZ0) 2446s +49 0
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