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Rich Asplund

Cocoa Prices Surge on West African Cocoa Crop Concerns

Ice West Africa London NY Ivory Coast Ghana ICCO United States

December ICE NY cocoa (CCZ24) today is up +583 (+7.99%), and December ICE London cocoa #7 (CAZ24) is up +317 (+5.24%).

Cocoa prices are soaring today, with NY cocoa posting a 3-1/2 week high and London cocoa posting a 2-1/2 month high. Fund buying is pushing cocoa prices higher today on concerns that dry conditions in West Africa will curb the region's cocoa production. Forecaster Maxar Technologies said parts of Ghana and Nigeria are experiencing dry and hot weather that could impact the cocoa mid-crop, which officially starts in April.

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