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Rich Asplund

Cocoa Finishes Sharply Higher on Crop Concerns in West Africa

Ice West Africa Ghana Ivory Coast NY

September ICE NY cocoa (CCU24) Tuesday closed up +420 (+5.44%), and September ICE London cocoa #7 (CAU24) closed up +220 (+3.48%).

Cocoa prices closed sharply higher on Tuesday and recovered from Monday's losses. Cocoa prices rallied Tuesday as increasing rains in West Africa are leaving cocoa plantations more susceptible to disease and forcing farmers to acquire chemicals to protect them. The high cost of chemicals is slowing down crop spraying and allowing Black Pod disease to resurface.

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