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Barchart
Barchart
Rich Asplund

Cocoa Prices Sharply Higher on Below-Normal Rain in West Africa

Ice West Africa ICCO London Ivory Coast Europe Ghana NY

September ICE NY cocoa (CCU25) on Friday closed up +205 (+2.52%), and September ICE London cocoa #7 (CAU25) closed up +142 (+2.66%).

Cocoa prices today are sharply higher due to concerns about dry weather in West Africa.  According to the European Centre for Medium-Range Weather Forecasts, rainfall in the Ivory Coast and Ghana this season remains below the 30-year average, and combined with high temperatures, risks hurting cocoa pod development for the main crop harvest that starts in October.

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