Ivory Coast Cocoa Mid-Crop Tops 400,000 Tons

COCOA

May Cocoa was slightly lower early Wednesday after reaching its highest level sine February 17.  Ivory Coast’s Coffee and Cocoa Council reported on Tuesday that it had has sold more than 400,000 metric tons of cocoa export contracts to local grinders in the 10 days since exporters resumed purchases for the mid-crop. Exporters’ association GEPEX, which includes Barry Callebaut, Olam, and Cargill, agreed on a solution with the regulator in late February, when the pushed the start of the mid-crop to March 1 from the usual April 1 and lowered the official farmgate price paid to farmers to a level closer to the midcrop.

SUGAR

May Sugar was near unchanged early Wednesday, and wis inside Tuesday’s range. Prices pulled back on Tuesday after President Trump predicted the Iran war could end soon Monday night, but since then doubts have emerged about the likelihood of that happening, with the mixed messaging from the White House, an increase in the intensity of the bombings on Tuesday, and reports that Iran is mining the Strait of Hormuz . High energy prices (especially gasoline) could encourage ethanol production and limit sugar output in Brazil. Brazil’s state-controlled oil company, Petrobras, which supplies around 80% of the gasoline in Brazil, has yet to increase prices. There has been a shift in global expectations towards a tighter supply situation in 2026 due to reduced beet plantings in Europe, recent revisions lower in India’s 2025/26 crop, and expectations for more ethanol production in Brazil

COFFEE

May Coffee was sharply lower early Wednesday, following weaker action this week as the bulls were clearly disappointed that the market failed to test the February high at 305.85 when it breached the 300-level on Monday off a commodity rally driven by sharply higher energy prices. The market appeared to draw support last week on drier conditions in Brazil, but rain is back in the forecast for key production areas this week. Low Brazilian sales for February may have contributed to the pressure on the market as well. Cecafe reported on Tuesday that Brazil’s green coffee exports totaled 2.29 million bags for the month, -26.9% from February 2025. Arabica exports totaled 2.07 million bags, down 28.9%. Robusta-type coffee exports totaled 226,000 bags, down 2%. The weaker dollar against the Brazilian real and well-capitalized farmers have limited the country’s export competitiveness.

COTTON

May Cotton was higher for the fifth consecutive session early Wednesday, reaching its  highest level since March 2. The crude oil rally since the start of the Iran war improves lends support to cotton on ideas that it makes man-made fibers more expensive to produce. Another supportive factor may have been the resilience of equity markets in the face of the sharply higher crude oil, though the market is off its recent highs. Perhaps the most supportive factor is the reluctance to push prices lower ahead of the growing season, especially with persistently dry conditions in Texas. The March USDA WASDE on Tuesday report had no changes in the US outlook and a slightly bearish take on the global setup, as 2025/26 world ending stocks were revised higher rather than lower as expected.

Interested in more futures markets?  Explore our Market Dashboards here.