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Rich Asplund

Cocoa Prices Surge on West African Cocoa Crop Concerns

COCOA Ice West Africa London NY ICCO Ivory Coast the Ivory Coast

December ICE NY cocoa (CCZ24) Friday closed up +448 (+5.30%), and December ICE London cocoa #7 (CAZ24) closed up +413 (+5.62%).

Cocoa prices soared Friday, with NY cocoa posting a 2-1/2 month high and London cocoa posting a 4-1/4 month high. The impact of recent heavy rains on the Ivory Coast is pushing cocoa prices sharply higher, based on reports of high mortality rates of cocoa buds on trees because of the heavy rain.

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