March ICE NY cocoa (CCH26) on Monday closed up +289 (+4.85%). March ICE London cocoa #7 (CAH26) closed up +276 (+6.55%).
Cocoa prices rallied sharply on Monday, posting 2-week highs. The slower pace of cocoa arrivals at ports in the Ivory Coast has fueled concerns about tighter supplies and is pushing cocoa prices sharply higher. Farmers in the Ivory Coast delivered 59,708 MT of cocoa to ports during the week ended Dec 28, down -27% compared with the same week last year. Also, cumulative data shows Ivory Coast farmers shipped 1.029 MMT of cocoa to ports this new marketing year (Oct 1 through Dec 28), down -2.0% from 1.050 MMT in the same period a year ago. The Ivory Coast is the world's largest cocoa producer.
