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Rich Asplund

Cocoa Prices Supported by Dry Conditions in West Africa

Ice NY West Africa London the Ivory Coast Ghana ICCO

May ICE NY cocoa (CCK26) today is up +60 (+1.82%), and May ICE London cocoa #7 (CAK26) is down -12 (-0.48%).

Cocoa prices are mixed today, with NY cocoa posting a 2-week high. Dry conditions in West Africa are supportive of cocoa prices, as recent rainfall has been insufficient to ease drought concerns in the Ivory Coast and Ghana. According to the African Flood and Drought Monitor, as of March 29, drought conditions blanket more than half of the Ivory Coast and about two-thirds of Ghana.

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