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Rich Asplund

Cocoa Prices Finish Sharply Higher on Excessive Dryness in West Africa

Ice Ivory Coast Ghana London ICCO

March ICE NY cocoa (CCH25) Thursday closed up +375 (+3.75%), and March ICE London cocoa #7 (CAH25) closed up +164 (+2.05%).

Cocoa prices rallied sharply on Thursday due to West African cocoa crop concerns. Cocoa farmers in the Ivory Coast and Ghana, the world's two biggest cocoa-producing countries, said spotty rainfall over the past two weeks has been insufficient for tree regeneration and flowering.

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