May ICE NY cocoa (CCK24) on Monday closed up +710 (+7.94%), and May ICE London cocoa #7 (CAK24) closed up +732 (+9.81%).
Cocoa's parabolic rally continued Monday, with NY cocoa and London cocoa posting new all-time highs and closing sharply higher as global supply concerns persist. A slump in cocoa production in Ghana, the world's second-largest producer, is bullish for prices after Ghana's Cocoa Board (Cocobod) said Ghana's 2023/24 cocoa harvest may be only 422,500 MMT to 425,000 MT, half the country's initial forecast and a 22-year low as extreme weather and disease decimated the cocoa crop.
