Global cocoa prices fall as weather conditions improve

The market prices of cocoa have started to slide in the commodities market, according to the latest data. In its recent update, analysts said cocoa futures fell to their lowest level since mid-November on January 8, 2024.

The development was attributed to prospects for better weather conditions in Africa.

In its latest note, ING commodities strategists said rainfall in recent days in the Ivory Coast has helped plants to flower and improve the condition of cocoa trees.

Analysts stated that cocoa trees suffered from the harmattan season (which lasts from the end of November until mid-March. Forecasts for rainfall in Ghana over the upcoming days might also be helpful, ING commodities strategists said in the note.

Ukraine’s Agriculture Ministry reported that total grain exports for the season fell 18% year on year to 19.4mt as of 8 January. These shipments include 10.3mt (-22% YoY) of corn and 7.8mt (-9% YoY) of wheat.

However, the note added that Ukraine has still managed to deliver large volumes of exports through the Black Sea port corridor route despite continuous attacks by Russia, Ukraine has loaded around 430 vessels with 13mt of products (10mt of agriculture products) since August 2023. Dangote Reacts to EFCC Visit to Headquarters

The USDA’s weekly export inspection data for the week ending 4 January shows that US exports of corn and wheat remained strong while soybean shipments slowed over the last week.

US weekly inspections of corn for export stood at 856.6kt, up from 569.9kt in the previous week and 402.1kt reported a year ago.

Similarly, export inspections for wheat stood at 491.1kt over the week, up from 276.4kt in the previous week and 209.5kt reported a year ago. Meanwhile, US soybean export inspections fell to 674.7kt compared to 969.5kt a week ago and 1,460.8kt seen a year earlier.