September ICE NY cocoa (CCU24) today is up +929 (+11.36%), and September ICE London cocoa #7 (CAU24) is up +340 (+5.36%).
Cocoa prices today are sharply higher, with NY cocoa posting a 7-week high on concern dry weather in West Africa could curb the region's cocoa production. Forecaster Maxar Technologies said today that top cocoa-producing countries Ivory Coast and Ghana have seen a "significant decrease in shower activity" over the past month, leading to below-normal soil moisture and limited crop growth. Also, current weather forecasts for West Africa indicate below-normal rain for the next two weeks.
