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Barchart
Rich Asplund

Cocoa Prices Finish Sharply Higher on Reduced Ivory Coast Cocoa Production

Ice Ivory Coast Ghana ICCO the Ivory Coast London

September ICE NY cocoa (CCU24) on Monday closed up +274 (+3.29%), and September ICE London cocoa #7 (CAU24) closed up +209 (+3.06%).

Cocoa prices recovered from early losses on Monday and rallied sharply on lower cocoa production in the Ivory Coast, the world's largest producer.  Government data on Monday showed that Ivory Coast farmers shipped 1.62 MMT of cocoa to ports from October 1 to July 14, down by -29% from the same time last year.  Trader Ecom Agroindustrial projects Ivory Coast cocoa production in the 2023/24 marketing year, which ends in September, will fall -21.5% y/y to an 8-year low of 1.75 MMT.

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