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Barchart
Barchart
Rich Asplund

NY Cocoa Posts Moderate Gains on Adverse Weather in West Africa

December ICE NY cocoa (CCZ24) on Monday closed up +199 (+2.55%).  September ICE London cocoa #7 (CAU24) did not trade Monday, with markets in the UK closed for a bank holiday.

NY cocoa climbed to a 2-month high on Monday due to concerns that excessively dry conditions in West Africa could curb the region's cocoa production.  Forecaster Maxar Technologies recently said that top cocoa-producing countries Ivory Coast and Ghana had seen a "significant decrease in shower activity" over the past month, leading to below-normal soil moisture and limited crop growth.

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