September ICE NY cocoa (CCU24) today is up +488 (+5.65%), and September ICE London cocoa #7 (CAU24) is down -24 (-0.38%).
Cocoa prices today are mixed, with NY cocoa up sharply at a 2-month high on concern that dry weather in West Africa could curb the region's cocoa production. 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. However, today's rally in the British pound (^GBPUSD) to a 5-week high is weighing on London cocoa as the stronger pound undercuts cocoa priced in terms of sterling.
