The Commodities Feed: Middle East Tensions


Agriculture – Ivory Coast to Boost Domestic Cocoa Processing

The latest reports suggest that the Ivory Coast will increase the amount of domestic cocoa processing to 49% starting from October, in line with the local government’s objective to process a minimum of 50% of cocoa domestically. As per the current numbers, only 35%-40% of cocoa is processed within the West African country, while the rest is being exported.

The latest survey from the International Cocoa Organization (ICCO) shows that global cocoa inventories stood at 1.78mt at the end of the 2021/22 season, higher than the previous projection of 1.62mt, but lower than the 1.8mt at the end of the 2020/21 season. The group said that it may revise down last season’s supply deficit estimate of 306kt, considering the recent data set.

Recent comments from the Ukrainian Grain Association (UGA) highlighted concern over a smaller grain harvest in 2023 as a result of the ongoing war. Officials expect planting acreage to shrink, while the total harvest is forecast at 53mt for 2023 compared to 65mt in 2022.

The latest CFTC data shows that money managers decreased their net longs in CBOT by 22,037 lots to 146,261 lots as of 24 January. The move was predominantly driven by longs liquidating with gross longs decreasing by 13,988 lots to 172,806 lots. For , speculators increased their net short position in CBOT wheat (for the third consecutive week) by 8,844 lots to 73,933 lots.


Disclaimer: This publication has been prepared by ING solely for information purposes irrespective of a particular user’s means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more

Original Post

Source: Canada

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