May ICE NY cocoa (CCK25) today is up +324 (+3.61%), and May ICE London cocoa #7 (CAK25) is down -126 (-1.86%).
Cocoa prices today are mixed, with NY cocoa rising to a 1-1/4 month high. Cocoa prices are supported by signs of a weak mid-crop cocoa harvest in West Africa. According to Rabobank, late-arriving rains in the region have limited crop growth, and recent cocoa farmer surveys from the Ivory Coast and Ghana have been disappointing. However, London cocoa is under pressure today due to the strength of the British pound (^GBP/USD). The pound rallied to a 6-month high today, undercutting cocoa priced in terms of sterling.
