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Rich Asplund

Cocoa Prices Jump as Ivory Coast Cocoa Regulator Halts Forward Sales

Ice Ivory Coast Mar ICCO Mar ICE Mar London Mar NY NY London Deficit

March ICE NY cocoa (CCH24) on Friday closed +71 (+1.69%), and Mar ICE London cocoa #7 (CAH24) closed +54 (+1.54%).

Cocoa prices Friday rallied for a third day, with Mar NY cocoa posting a 1-week high and Mar London cocoa posting a contract high.  Cocoa prices jumped Friday after Le Conseil Cafe-Cacao, the Ivory Coast cocoa regulator, halted forward sales for the 2023-24 Ivory Coast mid crop, which starts April 1, 2024, so the nation's production forecast can be reviewed.  The halt adds to the tumult of the region's cocoa supplies, and the impact could multiply if prolonged into the next season.

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