September ICE NY cocoa (CCU24) on Friday closed up +920 (+11.25%), and September ICE London cocoa #7 (CAU24) closed up +346 (+5.45%).
Cocoa prices on Friday soared, with NY cocoa posting a 7-week high on concern that dry weather in West Africa could curb the region's cocoa production. Forecaster Maxar Technologies said Friday that top cocoa-producing countries Ivory Coast and Ghana have seen a "significant decrease in shower activity" over the past month, leading to below-normal soil moisture and limited crop growth. Also, current weather forecasts for West Africa indicate below-normal rain for the next two weeks.
