July ICE NY cocoa (CCN25) Monday closed up +730 (+8.63%), and July ICE London cocoa #7 (CAN25) closed up +214 (+3.69%).
Cocoa prices on Monday recovered from early losses and settled sharply higher as signs of a slowing pace of Ivory Coast cocoa exports sparked short covering in cocoa futures. Monday's government data showed that Ivory Coast farmers shipped 1.679 MMT of cocoa to ports this marketing year from October 1 to June 22, up +6.9% from last year but down from the much larger +35% increase seen in December. There are reports that heavy rain in the Ivory Coast is keeping cocoa growers off their farms and is disrupting the ongoing mid-crop cocoa harvest.
