May ICE NY cocoa (CCK25) Thursday closed up +323 (+3.60%), and May ICE London cocoa #7 (CAK25) closed down -118 (-1.74%).
Cocoa prices Thursday settled mixed, with NY cocoa rising to a 1-1/4 month high. Signs of a weak mid-crop cocoa harvest in West Africa supported cocoa prices. 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 posted moderate losses Thursday due to the strength of the British pound (^GBP/USD). The pound rallied to a 6-month high Thursday, undercutting cocoa priced in terms of sterling.
