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Barchart
Barchart
Rich Asplund

Cocoa Prices Underpinned by Outlook for Tight Global Supplies

March ICE NY cocoa (CCH24) on Wednesday closed +20 (+0.47%), and Mar ICE London cocoa #7 (CAH24) closed +17 (+0.48%).

Cocoa prices on Wednesday posted moderate gains and saw support from the outlook for tight global supplies.  The Ivory Coast's regulator last Friday halted forward sales for the 2023-24 Ivory Coast mid crop, which starts April 1, 2024, so the nation's production forecast can be reviewed.  The halt adds to the tumult of the region's cocoa supplies, and the impact could multiply if the halt is prolonged into the next season.

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