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Rich Asplund

Cocoa Prices Push Higher as Heavy Rain Floods Ivory Coast Fields

Ice Ivory Coast United States ICCO Africa JPMorgan London

December ICE NY cocoa (CCZ24) Wednesday closed up +124 (+1.71%), and December ICE London cocoa #7 (CAZ24) closed up +55 (+1.25%).

Cocoa prices Wednesday extended Tuesday's sharp rally to 1-week highs.  Cocoa prices are seeing support from heavy rain in some areas of Africa's cocoa-growing region, which has caused flooding, obstructed access to fields, and fostered cocoa disease.  

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