
July ICE NY cocoa (CCN25) Wednesday closed up +273 (+3.06%), and July ICE London cocoa #7 (CAN25) closed up +252 (+3.91%).
Cocoa prices on Wednesday added to Tuesday's sharp gains, with NY cocoa posting a 1-week high and London cocoa posting a 1-month high. Coffee prices rallied on auality concerns regarding the Ivory Coast mid-crop, which is currently being harvested. 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.