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Barchart
Barchart
Rich Asplund

NY Cocoa Rallies on Reduced West African Cocoa Production

September ICE NY cocoa (CCU24) today is up +110 (+1.16%), and September ICE London cocoa #7 (CAU24) is down -91 (-1.41%).

Cocoa prices today are mixed, with NY cocoa posting a 2-month high.  Dry weather in West Africa could curb the region's cocoa production and is pushing prices higher.  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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