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Barchart
Barchart
Rich Asplund

Weather Concerns Spark Cocoa Buying

Ice ICCO London NY Ivory Coast

July ICE NY cocoa (CCN23) on Wednesday closed up +58 (+1.90%), and July ICE London cocoa #7 (CAK23) closed up +34 (+1.44%).

Cocoa prices Wednesday posted moderate gains, with NY cocoa posting a contract high and London cocoa posting a 2-week high.  Cocoa prices rallied on concern that an El Nino weather event could undercut global cocoa production.  Cocoa prices rallied to 12-year highs in 2016 after an El Nino weather event in 2015/16 caused a drought that hampered global cocoa production.  Last month, the U.S. Climate Prediction Center raised the likelihood of an El Nino weather pattern emerging between August and October to 94% from 74% in April.

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