CommodityScope Cocoa Indicator Methodology

1. Scope

This document records Cocoa Indicator methodology version 1.0 as applied to the published modelled indicator CS-CCO-LON-NY. It does not retrospectively assign a new effective date to earlier publications. Parent document: CommodityScope Assessment & Publication Framework (/methodology/core).

Cocoa Indicator 1.0 is a model methodology. It is not a grain assessment family and it does not calculate a CommodityScope Assessment Range. The published figure is a CommodityScope Modelled Indicator in USD per metric tonne.

Published indicator

One daily series, Cocoa — London & New York (CS-CCO-LON-NY). The public page is listed with Grains & Feed. The series is not a physical cocoa cargo assessment and is not mixed into the physical grain table.

2. What Cocoa Indicator 1.0 Is

Cocoa Indicator 1.0 is the equal-weight blend of the New York daily cocoa futures level and the London daily cocoa futures level, with London expressed in USD per metric tonne.

It is not a physical cargo price, not an offer to buy or sell, not a constant-maturity futures curve, and not the settlement of one named contract.

3. Calculation

For a calendar date on which both futures levels and both ECB euro reference rates are available, Cocoa Indicator 1.0 calculates:

USD per GBP = (USD per EUR) / (GBP per EUR) London in USD = London futures level × USD per GBP Cocoa indicator = 0.5 × New York futures level + 0.5 × London in USD

• the New York futures level is the daily cocoa futures level in USD per metric tonne;
• the London futures level is the daily cocoa futures level in GBP per metric tonne;
• USD per EUR and GBP per EUR are the ECB euro reference rates for that same calendar date;
• each market has a fixed weight of one half.

The currency conversion and the equal-weight blend are calculated before display rounding. The public page shows the result in USD per metric tonne to two decimal places.

4. Same-Date Inputs

The London input is one daily futures level in GBP per metric tonne: the average of the three nearest active London cocoa contract months. The New York input is one daily futures level in USD per metric tonne: the average of the three nearest active New York cocoa contract months. CommodityScope applies the equal weights to those two daily levels. It does not choose the contract months and it does not apply a roll of its own. The level for a date is that date’s published daily level.

A date is used only when both exchanges have a cocoa futures session that day and both ECB euro reference rates are for that same calendar date. A session that did not take place is not an input, including when a file repeats an earlier session. A rate from another date is not carried forward. Where either futures level is missing or not positive, or either ECB rate is missing, no value is published for that date.

A date without a published value is left blank. The chart does not connect that gap as if a value had been observed, and it does not interpolate the missing date.

5. Publication and Versioning

A new qualifying date is added to the published history. A date that has already been published is not recalculated when a later file arrives. Changing the weights, the currency conversion, or which futures levels enter the blend requires a later methodology version and a documented decision on whether published history is restated.

Daily change compares the latest published value with the previous published date, and both dates are shown. Monthly average, minimum and maximum are calculated from the published daily values inside that month. An incomplete month is marked month to date.

6. Outside This Methodology

Physical grain assessments remain under the Grain Assessment Methodology (/methodology/grain). Nearby grain futures remain Reference Market Series. Cocoa Indicator 1.0 does not alter those series, and a change to the grain assessment methodology does not alter this indicator.