July ICE NY cocoa (CCN26) today is up +14 (+0.31%), and July ICE London cocoa #7 (CAN26) is up +23 (+0.66%).
Cocoa prices added to Monday’s sharp rally today and posted new 6-week highs. Cocoa prices are supported by heavy rains in the Ivory Coast, which have flooded roads and cut 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. Prices fell back from their best levels after the dollar index ($DXY) rallied to a 13-month high.
