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Rich Asplund

Cocoa Prices Soar as Ivory Coast Cocoa Exports Slow

Ice Ivory Coast ICCO Hershey Mondelez

May ICE NY cocoa (CCK25) Monday closed up +314 (+4.04%), and May ICE London cocoa #7 (CAK25) closed up +243 (+4.00%).

Cocoa prices on Monday finished sharply higher as concerns about slowing Ivory Coast cocoa exports sparked short covering in cocoa futures. Monday's government data showed that Ivory Coast farmers shipped 1.43 MMT of cocoa to ports this marketing year from October 1 to March 23, up +12% from last year. However, the pace has fallen from the 35% rise seen in December.

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