December ICE NY cocoa (CCZ24) today is up +182 (+2.29%), and December ICE London cocoa #7 (CAZ24) is up +31 (+0.58%).
Cocoa prices today are trading higher, with NY cocoa climbing to a 2-week nearest-futures high and London cocoa posting a 1-month high. ICE-monitored cocoa inventories held in US ports have been trending lower for the past 15 months and fell to a 15-year low Wednesday of 2,153,914 bags. Also, lower cocoa production in the Ivory Coast, the world's largest producer, is bullish for cocoa prices. Government data Monday showed that Ivory Coast farmers shipped 1.74 MMT of cocoa to ports from October 1 to September 22, down by -26% from the same time last year.
