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Rich Asplund

Cocoa Prices Higher on Ivory Coast Mid-Crop Concerns

Ice Ivory Coast ICCO London NY

July ICE NY cocoa (CCN25) today is up +191 (+2.14%), and July ICE London cocoa #7 (CAN25) is up +252 (+3.91%).

Cocoa prices today added to Tuesday's sharp gains, with NY cocoa posting a 1-week high and London cocoa posting a 1-month high. Quality concerns regarding the Ivory Coast mid-crop, which is currently being harvested, are supporting cocoa prices. Cocoa processors are complaining about the crop's quality and have rejected truckloads of Ivory Coast cocoa beans. Processors said about 5% to 6% of the mid-crop cocoa in each truckload is poor quality, compared with 1% during the main crop.

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