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Rich Asplund

Cocoa Prices Finish Sharply Higher on Excessive Dryness in West Africa

Ice West Africa Ghana Ivory Coast London Cocoa NY Cocoa ICCO CFTC Deficit Hershey

March ICE NY cocoa (CCH25) Tuesday closed up +417 (+4.29%), and March ICE London cocoa #7 (CAH25) closed up +261 (+3.35%).

Cocoa prices rallied sharply on Tuesday on insufficient rain in West Africa.  Cocoa farmers in the Ivory Coast and Ghana, the world's two biggest cocoa-producing countries, said rain over the past two weeks has been insufficient for tree regeneration and flowering.

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