Concerns related to the El Niño climate phenomenon in West Africa and the availability of fertilizers boosted cocoa futures prices in this Monday’s session (04) on the New York Stock Exchange. Future maturities reached their highest level since February this year and the contract for delivery in July appreciated by 7.28% and ended at US$3,812 per ton.
According to information from Barchart, the prolonged period is disrupting the global supply of cocoa and is also contributing to rising prices.
“The closure of the strait sustains by reducing fertilizer supplies, increasing global shipping rates, insurance costs and fuel prices, thereby raising costs for cocoa importers,” Barchart reported.
In addition, the increases are also being driven by an excessive short position on the part of funds in the cocoa market on the stock exchange.
The weekly report from COT (Commitment of Traders) reported that last Friday’s session showed that funds increased their short positions in New York cocoa by 3,499 net short positions in the week ending April 28, totaling 19,885 short positions, the highest number in more than three years.
Sugar
Sugar futures closed another session with gains on the New York Stock Exchange, in which the contract for delivery in July registered advance 2,27% and priced at $15,29 per pound-weight.
Barchart reported that sugar prices reached their highest level in a month due to the increase in gasoline prices, which accumulated a 3% gain in gasoline prices. “It is a positive factor for sugar, as rising gasoline prices boost ethanol prices and could lead sugar mills around the world to direct more sugar cane to the production of ethanol instead of sugar, thus reducing the supply of sugar”, he informed.
Café
The appreciation of the dollar and the scale of the war between the USA and Iran impacted coffee futures prices on the New York Stock Exchange, where the contract for delivery in July registered a drop of 0.31% and closed at US$2.855 per pound.
Barchart reported that it impacts coffee supply, increasing sea freight rates, insurance, fertilizer and fuel costs, as well as increasing costs for coffee importers and roasters.
The market is also paying attention to the expectation of a larger coffee harvest in Brazil, which is negative for prices. Last Thursday (30), the Coffee Commerce Academy projected that the 2026/27 Brazilian coffee harvest will increase 12% compared to the previous year, to 71.4 million bags.
Orange juice
Orange juice futures closed with a slight gain on the New York Stock Exchange. The deadline for delivery in July registered a gain of 0.85% and was quoted at US$ 1,909.00 per ton.
Cotton
Cotton futures prices ended the session with lows on the New York Stock Exchange. The futures contract for delivery in July closed down 1.51% and priced at US$82.92 per pound.
According to Pro Farmer, July cotton futures have come under profit-taking pressure following the strong gains seen late last week.
Barchart also noted that investment funds added another 3,891 contracts to the net long position in cotton futures and options in the week ending April 28, bringing it to 38,355 contracts.
