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Barchart
Barchart
Rich Asplund

Cocoa Prices Settle Higher on Deterioration of the West African Cocoa Crop

Ice West Africa ICCO Ivory Coast

March ICE NY cocoa (CCH25) Thursday closed up +244 (+2.31%), and March ICE London cocoa #7 (CAH25) closed up +206 (+2.45%).

Cocoa prices extended their 6-week rally on Thursday, with Mar NY cocoa and Mar London cocoa posting fresh contract highs.  Also, the nearest-futures Dec cocoa contract posted a 6-month high.  Cocoa prices are surging as the West African cocoa mid-crop outlook has deteriorated.  Maxar Technologies warns that dry conditions in West Africa will hurt the early development of the mid-year cocoa crop harvested in April and that the arrival of the seasonal Harmattan winds could worsen the situation.  

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