The International Cocoa Organization (ICCO) reports that for July 2017, the daily cocoa price averaged US$1,989 per tonne, down by US$10 compared to the average of the previous month (US$1,998), and ranged between US$1,876 and US$2,111 per tonne.
According to the ICCO release, "...underpinned by the expectations of a more than higher global production for the current cocoa year, cocoa futures prices generally followed a gradual downward trend during the first seven trading sessions of the month under review. In London and New York, compared to prices at the start of the month, cocoa futures prices dropped by five percent in London to £1,477 per tonne and by seven percent to US$1,844 per tonne in New York. Thereafter, the release of improved grindings data from Europe and Asia as well as news of expectations of a slump in the upcoming main crop for top producer Côte d’Ivoire due to unfavourable weather conditions propelled the markets into positive territory. Compared to the aforementioned low prices recorded by the end of the third trading week of July, cocoa futures rose by seven and eight percent to £1,576 per tonne and US$2,000 per tonne in London and New York respectively. The rise in cocoa futures prices were however short-lived as the release of North America’s second quarter grindings data indicated a drop of 1.05%. Consequently, compared to previous highs attained, cocoa futures dropped by 3% in both markets to £1,525 per tonne and US$1,949 per tonne in London and New York respectively."
