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Rich Asplund

Cocoa Prices Soar on West African Cocoa Crop Woes

COCOA Ice West Africa London NY ICCO Ivory Coast the Ivory Coast

December ICE NY cocoa (CCZ24) today is up +453 (+5.36%), and December ICE London cocoa #7 (CAZ24) is up +401 (+5.46%).

Cocoa prices are soaring today, with NY cocoa posting a 2-1/2 month high and London cocoa posting a 4-1/4 month high. The impact of recent heavy rains on the Ivory Coast is pushing cocoa prices sharply higher, based on reports of high mortality rates of cocoa buds on trees because of the heavy rain.

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