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Barchart
Rich Asplund

Cocoa Prices Skyrocket to a New Record High as Supply Woes Persist

Ice Ivory Coast Europe ICCO London

May ICE NY cocoa (CCK24) on Monday closed up +354 (+3.62%), and May ICE London cocoa #7 (CAK24) did not trade with markets in Europe closed for the Easter Monday holiday.

Cocoa prices Monday soared to a new all-time high and closed sharply higher.  Concern about shrinking global cocoa supplies continues pushing cocoa prices to record fresh highs.  Ghana's Cocoa Board (Cocobod) said last Monday that Ghana's 2023/24 cocoa harvest will be only 422,500 MMT to 425,000 MT, half the country's initial forecast and a 22-year low, as extreme weather and disease decimated the cocoa crop.

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