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Barchart
Barchart
Rich Asplund

Cocoa Prices March Higher on Fears of a Global Cocoa Shortfall

Dec ICE NY cocoa (CCZ23) on Monday closed +60 (+1.50%), and Dec ICE London cocoa #7 (CAZ23) closed +38 (+1.08%).

Cocoa prices on Monday marched higher, with NY cocoa posting a 45-year nearest futures high and London cocoa posting a record high.  Tight cocoa supplies and concerns that current cocoa production will be unable to replenish supplies to avoid a global deficit underpin prices.  Ivory Coast government data last Monday showed Ivory Coast farmers shipped 288,686 MT of cocoa to ports from October 1-November 5, down -17.3% from the same time last year.  The Ivory Coast is the world's largest cocoa producer.

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