March ICE NY cocoa (CCH25) today is up +340 (+3.75%), and March ICE London cocoa #7 (CAH25) is up +105 (+1.38%).
Cocoa prices today are moving higher, with Mar NY and London cocoa posting contract highs and Dec London cocoa posting a 4-1/2 month nearest-futures high. Cocoa prices have risen sharply over the past week due to uncertainty over future cocoa supplies. Recent heavy rains in the Ivory Coast led to reports of high mortality rates of cocoa buds on trees because of the heavy rain. Gains in London cocoa were limited today after the British pound (^GBPUSD) rallied to a 2-week high, undercutting cocoa priced in sterling.
