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Barchart
Barchart
Rich Asplund

NY Cocoa Settles Higher on the Prospects of Smaller Global Cocoa Supplies

Ice NY Ivory Coast Ghana London United States West Africa ICCO

September ICE NY cocoa (CCU24) Wednesday closed up +96 (+1.01%), and September ICE London cocoa #7 (CAU24) closed down -91 (-1.41%).

Cocoa prices Wednesday settled 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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