As another cocoa season begins, what can we expect to see in terms of supply and demand and are this year's agreed farmgate prices likely to have much impact on the market?
Cocoa futures continued their bounce-back from early October lows despite mostly encouraging news from the supply side and limited help from the latest European grind data.
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Cocoa futures closed lower yesterday (October 20) before firming today (October 19) following grinding data results from North America and Asia.
Cocoa processing in Asia rose 3% in the third quarter from a year earlier, data from the Cocoa Association of Asia (CAA) showed on Friday (October 19).
North American cocoa grindings rose higher than market expectations, data from the National Confectioners Association (NCA) showed on Thursday (October 18).
The European Commission has presented the EU-Vietnam trade and investment agreements for conclusion to the Council and European Parliament, paving the way for improved market access for EU agri-food products and protection to 169 Geographical Indications.
Both cocoa futures in New York and London continued to close higher with North American grinding data pending.
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