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Barchart
Rich Asplund

Cocoa Prices Surge as Ghana's Cocoa Output Expected to Plunge

Ice Ghana London NY Ivory Coast ICCO

May ICE NY cocoa (CCK24) this morning is up +484 (+5.43%), and May ICE London cocoa #7 (CAK24) is up +587 (+7.87%).

Cocoa's parabolic rally continued today, with NY cocoa and London cocoa posting new all-time highs as global supply concerns persist.  A slump in cocoa production in Ghana, the world's second-largest producer, is bullish for prices after Ghana's Cocoa Board (Cocobod) said Ghana's 2023/24 cocoa harvest may be only 422,500 MMT to 425,000 MT, half the country's initial forecast and a 22-year low as extreme weather and disease decimated the cocoa crop.

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