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Barchart
Rich Asplund

Cocoa Prices Surge on Smaller Ivory Coast Cocoa Output

Ice Ivory Coast Ghana ICCO NY London

September ICE NY cocoa (CCU24) today is up +527 (+6.84%), and September ICE London cocoa #7 (CAU24) is up +316 (+4.94%).

Cocoa prices today are sharply higher, with NY cocoa posting a 2-week high.  Lower cocoa production in the Ivory Coast, the world's largest producer, is a bullish price factor.  Government data Monday showed that Ivory Coast farmers shipped 1.61 MMT of cocoa to ports from October 1 to July 7, down by -29% from the same time last year.  Trader Ecom Agroindustrial projects Ivory Coast 2023/24 cocoa production, which ends in September, will fall -21.5% y/y to an 8-year low of 1.75 MMT.  

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