
May ICE NY cocoa (CCK26) today is up +131 (+4.15%), and May ICE London cocoa #7 (CAK26) is up +120 (+5.09%).
Cocoa prices are sharply higher today, with NY cocoa posting a 1-week high and London cocoa posting a 2-week high. Cocoa prices surged today as recent rainfall in West Africa 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.