July ICE NY cocoa (CCN26) on Monday closed up +382 (+9.22%), and July ICE London cocoa #7 (CAN26) closed up +182 (+5.54%).
Cocoa prices surged to 6-week highs on Monday and settled sharply higher as excessive rains in the Ivory Coast have flooded roads, cutting off farmers' access to farms and ports. Excessive moisture also increases the risk of brown rot disease on cocoa trees, reducing yields and jeopardizing the harvest.
