
May ICE NY cocoa (CCK26) today is up +29 (+0.91%), and May ICE London cocoa #7 (CAK26) is up +17 (+0.72%).
Cocoa prices are moving higher today on light short-covering, spurred by concerns that the closure of the Strait of Hormuz will lead to a fertilizer shortage in West Africa ahead of the upcoming planting season. The Gulf region is a major fertilizer exporter, and about 30% of the world's total fertilizer supply passes through the Strait.