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Rich Asplund

Ivory Coast Cocoa Crop Concerns Underpin Prices

Ice Ivory Coast ICCO London NY

July ICE NY cocoa (CCN25) Friday closed up +119 (+1.31%), and July ICE London cocoa #7 (CAN25) closed up +17 (+0.26%).

Cocoa prices on Friday settled higher, with NY cocoa posting a 1-1/2 week high and London cocoa posting a 5-week high. Quality concerns regarding the Ivory Coast cocoa mid-crop, which is currently being harvested, support prices. Cocoa processors are complaining about the crop's quality and have rejected truckloads of Ivory Coast cocoa beans. Processors said about 5% to 6% of the mid-crop cocoa in each truckload is poor quality, compared with 1% during the main crop.

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