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Barchart

Rich Asplund

Cocoa Prices Recover Recent Sharp Losses

Ice Ivory Coast London ICCO NY

July ICE NY cocoa (CCN24) on Wednesday closed up +142 (+1.92%), and July ICE London cocoa #7 (CAN24) closed up +132 (+2.16%).

Cocoa prices rallied moderately for a second day. Prices are correcting upward from the month-long decline to Monday's 2-1/2 month lows. Short covering in cocoa futures emerged after the Hightower Report on Tuesday warned that West African cocoa farmers' lack of fertilizer and pesticide use will hurt cocoa production during the 2024/25 season.

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