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Rich Asplund

Cocoa Extends this Week's Rally on El Nino Concerns

Ice El Nino ICCO Ivory Coast London

July ICE NY cocoa (CCN23) on Friday closed up +31 (+0.98%), and July ICE London cocoa #7 (CAK23) closed up +48 (+1.99%).

Cocoa prices Friday climbed to 1-month nearest-futures highs.  Cocoa extended Thursday's gains on positive carryover on concern that an El Nino weather event could undercut global cocoa production.   On Thursday, the U.S. Climate Prediction Center said that sea surface temperatures across the equatorial Pacific Ocean had risen 0.5 degrees Celsius above normal, and wind patterns have changed to the point where El Nino criteria have been met.  Cocoa prices rallied to 12-year highs in 2016 after an El Nino weather event in 2015/16 caused a drought that hampered global cocoa production.

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