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Rich Asplund

Cocoa Prices Jump as Ghana's Price Hike for Cocoa Farmers Is Less Than Expected

Ice Ghana NY ICCO London

December ICE NY cocoa (CCZ24) today is up +452 (+6.22%), and December ICE London cocoa #7 (CAZ24) is up +122 (+2.33%).

Cocoa prices today are sharply higher, with NY cocoa posting a 1-1/2 week high. Cocoa is rallying today after the Ghana government raised the price that its cocoa regulator pays farmers for cocoa by 45% to $3,063 per ton for the 2024/25 season that began this month, below expectations of a +65% increase, which may prompt Ghana's cocoa farmers to hoard beans in the hopes of even higher prices.

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