NY COCOA Forecast for today, April 28, 2011

SINGAPORE, April 28, 2011 - New York cocoa will rise more to $3,255 per tonne, as the current wave has not completed.
 

A surge on Wednesday has confirmed an upward wave "C", progressing towards the 100 percent Fibonacci projection level at $3,255, based on the length of the wave "A".
 

The upside of the wave "C", however, could be extended to $3,400, the 161.8 percent Fibonacci projection level, should the resistance at $3,255 be cleared.
 

There may not be a retracement before $3,255, as the strong bullish momentum gained during the previous trading session may continue to push cocoa up.
Source: reuters

NY coffee ( arabica ) Forecast for today, April 28, 2011

SINGAPORE, April 28, 2011 - New York coffee is biased to rise to $3.06 per lb, as the current consolidation may develop into a bullish flag pattern.
 

Strategically, the pattern will be confirmed when coffee rises above a resistance of $2.9850, derived from the upper channel line of a descending channel.
 

But a fall below $2.93 will invalidate the bullish outlook as a bearish target at $2.8895 will be established based on a double-top.

Source : Reuters

Forecast : Indonesia '11 cocoa exports may drop 12.5pct, more falls seen

JAKARTA, April 28, 2011 - Cocoa exports from Indonesia, the world's No.3 producer, may fall as much as 12.5 percent this year due to wet weather hitting output, and is set to drop further in 2012 on rising domestic consumption, the Indonesian Cocoa Association said on Wednesday .

Cocoa exports from Southeast Asia's largest economy will be between 280,000 tonnes and 300,000 tonnes this year, down from 320,000 tonnes in 2010, Zulhefi Sikumbang, chairman of an association known as Askindo, told a news conference.

Indonesian production will be flat at about 600,000 tonnes this year, as increased output from new planting offsets the impact of heavy rains, Askindo said last month.

NY coffee Cocoa market close review for today, April 27, 2011

COFFEE

* July arabica coffee futures reversed to close up  0.10 cent at $2.9640 per lb.
 

* Contract remained near last week's 34-year peak at  $3.0250 per lb.
 

* Market eased for most of the day on pressure from the commodity complex, which fell as investors took profits ahead  of the policy statement from the U.S. Federal Reserve -  traders.

LONDON Coffee and Cocoa market close review for today, April 27, 2011

* Liffe July robusta coffee rose $34 to close at  $2,536 a tonne after setting a contract high of $2,555. Robustas  finally gained some ground on the arabica market following a  prolonged decline in its relative value.

* Liffe July cocoa ended 20 pounds higher at 1,927  pounds a tonne. Traders are monitoring the situation in top  grower Ivory Coast, where the cocoa sector is set to resume  operations within days following a violent post-election  conflict.
Source : Reuters

Cocoa Brazil Delivery Up 12 %

BRASILIA, April 27, 2011 - Deliveries of cocoa to warehouses from the main growing regions in Brazil were up 12 percent from a year ago, with just one week left before the 2010/11 season ends, Bahia Commercial Association data showed on Tuesday.

Cocoa deliveries have slowed to a trickle in the lull between the end of the main crop and the start of the forthcoming mid crop which should begin harvesting in May or June depending on the region.

The mid crop in the top cocoa state Bahia is likely to fall about 15 percent from last year's to around 1.1 million 60-kg bags (66,000 tonnes), though output has been climbing in other states and may compensate if the trend continues next season.

Fotecast : Indonesia Vietnam and Thailand Coffee for today April 27, 2011

INDONESIA

SUMMARY- Additional showers and thundershowers yesterday, 0.10-1.50+ inches (3-38+ mm). Temperatures 78-94F (26-34C).

FORECAST-

TODAY...Tropical showers and thundershowers likely, rainfall amounts 0.25-1.25+ inches (6-32+ mm). Temperatures 77-94F (25-34C).

TONIGHT...Showers diminish overnight.