July ICE NY cocoa (CCN26) today is up +261 (+6.72%), and July ICE London cocoa #7 (CAN26) is up +169 (+5.68%).
Cocoa prices are soaring today and posted 2.5-week highs. Cocoa markets are pricing in weather risks after an El Niño weather pattern was confirmed last week. An El Niño typically brings warmer, drier conditions to West Africa, reducing soil moisture, stressing cocoa trees and lowering yields.