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Rich Asplund

Cocoa Prices Rise on Concerns About West African Cocoa Crops

Ice West Africa London NY Deficit Ghana ICCO

Sep ICE NY cocoa (CCU23) on Thursday closed +40 (+1.20%), and Sep ICE London cocoa #7 (CAU23) closed +29 (+1.07%).

Cocoa prices Thursday posted moderate gains as the most recent crop surveys in West Africa showed heavy rain knocked down cherelles and young pods from trees, and the crops "aren't looking so great." London cocoa also found support on weakness in the British pound (^GBPUSD), which fell to a 1-3/4 month low Thursday. The weaker pound boosts cocoa that is priced in sterling.

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