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Barchart
Barchart
Rich Asplund

Cocoa Prices Sharply Higher on West African Cocoa Crop Concerns

March ICE NY cocoa (CCH25) Monday closed up +1,383 (+13.66%), and March ICE London cocoa #7 (CAH25) closed up +997 (+12.28%).

Cocoa prices soared Monday and nearly recovered almost all last week's sharp losses.  Crop production concerns in West Africa fueled fund buying of cocoa futures Monday after some Ivory Coast and Nigerian cocoa farmers reported that cocoa trees are beginning to suffer the effects of the seasonal dry and dusty Harmattan winds, with leaves turning yellow and the cherelles (cocoa pods) withering.  

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