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Barchart
Rich Asplund

Cocoa Prices Jump to 2-Week Highs on Reduced Ivory Coast Cocoa Output

Ice Ivory Coast London NY

July ICE NY cocoa (CCN24) today is up +426 (+5.14%), and July ICE London cocoa #7 (CAN24) is up +261 (+3.83%).

Cocoa prices today rallied sharply to 2-week highs.  Lower cocoa production in the Ivory Coast, the world's largest producer, is a major bullish factor for cocoa prices.  Government data Monday showed that Ivory Coast farmers shipped 1.46 MMT of cocoa to ports from October 1 to May 26, down by 30% from the same time last year.  Trader Ecom Agroindustrial projects Ivory Coast 2023/24 cocoa production, which ends in September, will fall -21.5% y/y to an 8-year low of 1.75 MMT.  

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