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Barchart
Barchart
Rich Asplund

NY Cocoa Climbs to a New All-Time High on Shrinking Global Cocoa Supplies

Ice NY Ivory Coast ICCO London United States

May ICE NY cocoa (CCK24) on Wednesday closed +207 (+2.03%), and May ICE London cocoa #7 (CAK24) closed up +213 (+2.59%).

Cocoa prices Wednesday rallied sharply, with NY cocoa posting a new all-time high.  Concerns about shrinking global cocoa supplies continue to push prices to record highs.  Due to limited supplies, global cocoa grinders are paying up in the cash market to secure cocoa supplies this year due to growing concerns that West African cocoa suppliers may default on supply contracts.  Cocoa prices have rallied sharply since the beginning of the year, driven by the worst supply shortage in 40 years.

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