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Barchart
Rich Asplund

Cocoa Prices Climb on the Outlook for a Smaller Ivory Coast Mid-Crop

Ice Ivory Coast ICCO London NY

May ICE NY cocoa (CCK23) on Friday closed up +16 (+0.55%), and May ICE London cocoa #7 (CAK23) closed up +29 (+1.36%).

Cocoa prices Friday extended this week's rally, with NY cocoa posting a 2-1/3 year nearest-futures high and London cocoa posting a 3-3/4 month high.  Smaller cocoa supplies from the Ivory Coast have sparked fund buying and boosted prices.  The Ivory Coast Agriculture Minister Friday said the Ivory Coast mid-crop, the smaller of the country's two annual harvests that begin April 1, is expected to fall -25% y/y to 450,000 MT.

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