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Barchart
Rich Asplund

Cocoa Prices Settle Sharply Higher on Concern About West African Cocoa Production

Ice West Africa ICCO Ivory Coast

March ICE NY cocoa (CCH25) Friday closed up +479 (+4.43%), and March ICE London cocoa #7 (CAH25) closed up +304 (+3.53%).

Cocoa prices extended their 6-week rally Friday, with March NY cocoa and Mar London cocoa posting fresh contract highs, and nearest-futures Dec NY cocoa posting a 7-1/2 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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