September ICE NY cocoa (CCU25) on Wednesday closed up +291 (+3.57%), and September ICE London cocoa #7 (CAU25) closed up +114 (+2.13%).
Cocoa prices rallied sharply on Wednesday, posting 1.5-week highs. Concerns that a slowdown in the pace of Ivory Coast cocoa exports will tighten global supplies are underpinning prices. Monday's government data showed that Ivory Coast farmers shipped 1.74 MMT of cocoa to ports this marketing year from October 1 to July 20, up +6.1% from last year but down from the much larger +35% increase seen in December. Wednesday's rally in the British pound (^GBPUSD) to a 1.5-week high limited gains in London cocoa prices. The stronger pound undercuts cocoa that is priced in terms of sterling.
