
July ICE NY cocoa (CCN25) Tuesday closed up +861 (+9.47%), and July ICE London cocoa #7 (CAN25) closed up +421 (+6.33%).
Cocoa prices rallied sharply Tuesday and posted 2-1/2 month highs. Cocoa prices surged on quality concerns regarding the Ivory Coast cocoa mid-crop, which is currently being harvested. Cocoa processors are complaining about the crop's quality and have rejected truckloads of Ivory Coast cocoa beans. Processors said about 5% to 6% of the mid-crop cocoa in each truckload is poor quality, compared with 1% during the main crop.