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Barchart
Barchart
Rich Asplund

Cocoa Prices Settle Sharply Higher on Fears of a Prolonged Supply Shortage

July ICE NY cocoa (CCN24) on Wednesday closed up +629 (+6.35%), and July ICE London cocoa #7 (CAN24) closed up +546 (+6.73%).

Cocoa prices rallied sharply on Wednesday to 6-week highs.  Cocoa prices surged on concern about a prolonged shortage of cocoa supplies after Reuters reported Wednesday that Ghana is considering delaying the delivery of up to 350,000 MT of cocoa beans to next season due to the country's poor crops.  Ghana is the world's second-largest cocoa producer.

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