May ICE NY cocoa (CCK24) this morning is up +79 (+0.83%), and May ICE London cocoa #7 (CAK24) is down -130 (-1.65%).
Cocoa prices this morning are mixed as they extended Wednesday's sharp losses down to 1-1/2 week lows. Long liquidation in cocoa emerged Wednesday and continued today after the Ivory Coast government increased farm-gate prices for cocoa producers by 50% for mid-crop beans, and Bloomberg reported that Ghana is considering a similar move. The government's hike in the prices that it pays cocoa farmers should encourage growers, who have been hoarding cocoa, to deliver more beans to market, which could temporarily ease tight supplies.
