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Rich Asplund

Cocoa Prices Soar on Heavy West African Rains

Ice West Africa London NY ICCO

December ICE NY cocoa (CCZ24) today is up +236 (+3.13%), and December ICE London cocoa #7 (CAZ24) is up +148 (+2.68%).

Cocoa prices today are sharply higher, with NY cocoa posting a 1-1/2 week high and London cocoa posting a 1-1/2 month high. Heavy rain in West Africa has caused flooding and kept cocoa farmers out of their fields, delaying harvest. Also, the heavy rain makes it harder to dry harvested beans, lowering their quality.

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