September ICE NY cocoa (CCU26) on Tuesday closed up +65 (+1.14%), and September ICE London cocoa #7 (CAU26) closed up +43 (+1.02%).
Cocoa prices extended their sharp three-week-long rally on Tuesday, posting 6-month highs. Cocoa prices have rallied sharply over the past three weeks as heavy rains in the Ivory Coast and Ghana have flooded roads, cutting off farmers’ access to farms and ports and threatening global supplies. Excessive moisture also increases the risk of brown rot disease and black pod disease on cocoa trees, reducing yields and jeopardizing the harvest.
