The Ivory Coast Agriculture Ministry does not rule out a 25% y/y reduction in the country's 2nd crop (mid-crop) cocoa to 450,000 tons. Cleaning began April 1st. Earlier, Ivory Coast authorities said in the 2022/2023 agricultural marketing season (October 1 to April 1) shipments of cocoa to seaports decreased by 2.7% y/y to 1.81 million tons. The International Cocoa Organization estimated a decline in Ivory Coast cocoa exports in Q4 2022 at -9.3%. This could have been caused by Cocoa Swollen Shoot Virus Disease. If it spreads to other West African countries, the global harvest could be reduced. Recall that about 70% of the world's cocoa is produced in this region. The share of Ivory Coast exceeds 30% (1st place in the world).
| Indicator | VALUE | Signal |
|---|
| RSI | | Sell |
| MACD | | Buy |
| MA(200) | | Sell |
| Fractals | | Sell |
| Parabolic SAR | | Sell |
| Bollinger Bands | | Sell |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 2930 |
| Stop loss | Below 2790 |