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Rich Asplund

Cocoa Prices Settle Higher on West African Cocoa Crop Concerns

Ice West Africa London Ghana ICCO Ivory Coast Maxar Technologies NY

December ICE NY cocoa (CCZ24) Tuesday closed up +170 (+2.02%), and December ICE London cocoa #7 (CAZ24) closed up +244 (+3.49%).

Cocoa prices Tuesday moved higher, with London cocoa rallying sharply to a 4-month high. Cocoa rallied Tuesday on concern about cocoa crop production in West Africa after forecaster Maxar Technologies said that dry conditions in West Africa this week will lead to "unfavorable soil moisture levels that will not support the flowering of the mid-year cocoa crop."

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