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Barchart
Barchart
Rich Asplund

Cocoa Rallies as Ghana Cocoa Output Shrinks

Ice Ghana NY London ICCO

Sep ICE NY cocoa (CCU23) on Wednesday closed +32 (+0.96%), and Sep ICE London cocoa #7 (CAU23) closed +6 (+0.22%).

Cocoa prices Wednesday posted moderate gains, with NY cocoa climbing to a 1-week high.   Concerns that Ghana, the world's second-largest cocoa producer, is unlikely to fulfill some of its cocoa contracts for a second season boosted prices Wednesday.  Ghana's cocoa regulator postponed 44,000 MT of cocoa shipments to future seasons due to a lack of supplies.  Ghana's 2022/23 cocoa crop is now expected at around 650,000 MT, a 13-year low and 24% below initial estimates of 850,000 MT, as a lack of fertilizers and black pod disease hurt cocoa yields.  

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