Dec ICE NY cocoa (CCZ23) on Wednesday closed +51 (+1.42%), and Sep ICE London cocoa #7 (CAU23) closed +43 (+1.50%).
Cocoa prices Wednesday extended this week's gains, with Dec NY cocoa posting a contract high and Sep London cocoa posting an all-time high (data from 1989). Reduced cocoa supplies from the Ivory Coast are bullish for prices after Ivory Coast farmers shipped 2.34 MMT of cocoa from Oct 1-Aug 27, down -3.3% y/y. The Ivory Coast is the world's largest cocoa producer. Also, tightness in current cocoa supplies supports prices after ICE monitored cocoa inventories held in U.S. ports have steadily declined over the past three months to a 5-1/4 month low Wednesday.
