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Rich Asplund

Cocoa Prices Supported by West African Crop Concerns

Ice London Cocoa NY Cocoa West Africa London NY Ivory Coast CFTC Ghana ICCO

March ICE NY cocoa (CCH25) Wednesday closed up +116 (+1.00%), and March ICE London cocoa #7 (CAH25) closed up +107 (+1.16%).

Cocoa prices Wednesday rose for the third consecutive session, with NY cocoa posting a 2-week high and London cocoa posting a 1-month high.  Crop production concerns in West Africa are underpinning cocoa prices as forecaster Maxar Technologies said this year's seasonal Harmattan winds are the driest in six years, worsening crop conditions.  Some Ivory Coast and Ghana cocoa farmers have reported that cocoa trees are beginning to suffer the effects of the seasonal dry and dusty Harmattan winds, with leaves turning yellow and the cherelles (cocoa pods) withering.

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