December ICE NY cocoa (CCZ24) today is up +2426 (+3.08%), and December ICE London cocoa #7 (CAZ24) is up +208 (+3.33%).
Cocoa prices today extended this week's sharp rally, with NY cocoa posting a 7-week high and London cocoa posting a 3-month high. Adverse weather in West Africa is fueling this week's surge in cocoa prices. Forecaster Maxar Technologies said parts of Ghana and Nigeria are experiencing dry and hot weather that could impact the cocoa mid-crop, which officially starts in April. Also, recent heavy rains in the Ivory Coast flooded fields, increasing disease risk and affecting crop quality. Recently harvested beans in the Ivory Coast signal lower quality, with counts of about 105 beans per 100 grams. The Ivory Coast cocoa regulator allows exporters to buy bean counts of 80 to 100 or slightly more for every 100 grams, with the best quality cocoa having the lower count.
