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Barchart
Barchart
Rich Asplund

Cocoa Prices Finish Sharply Higher as West African Crop Outlook Worsens

Ice West Africa ICCO Ivory Coast

March ICE NY cocoa (CCH25) Monday closed up +521 (+4.61%), and March ICE London cocoa #7 (CAH25) closed up +427 (+4.78%).

Cocoa prices extended their 7-week rally Monday, with March NY cocoa and Mar London cocoa posting fresh contract and 7-3/4 month nearest-futures highs.  Cocoa prices are surging as the West African cocoa mid-crop outlook has deteriorated.  Maxar Technologies warns that dry conditions in West Africa will hurt the early development of the mid-year cocoa crop harvested in April and that the arrival of the seasonal Harmattan winds could worsen the situation.  

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