
December ICE NY cocoa (CCZ24) Wednesday closed up +457 (+6.29%), and December ICE London cocoa #7 (CAZ24) closed up +122 (+2.33%).
Cocoa prices Wednesday rallied sharply, with NY cocoa posting a 1-1/2 week high. Cocoa rallied Wednesday after the Ghana government raised the price that its cocoa regulator pays farmers for cocoa by 45% to $3,063 per ton for the 2024/25 season that began this month, below expectations of a +65% increase, which may prompt Ghana's cocoa farmers to hoard beans in the hopes of even higher prices.