March ICE NY cocoa (CCH25) today is up +825 (+7.01%), and March ICE London cocoa #7 (CAH25) is up +545 (+5.88%).
Cocoa prices today are sharply higher, with NY cocoa posting an all-time nearest-futures high and London cocoa posting an 8-month nearest-futures high. Cocoa prices are surging as the West African cocoa mid-crop outlook has deteriorated. Maxar Technologies warns that dry conditions in West Africa will hurt the early development of the mid-year cocoa crop harvested in April and that the arrival of the seasonal Harmattan winds could worsen the situation.
