Cocoa May '24 (CCK24)
Cocoa Futures Market News and Commentary
December ICE NY cocoa (CCZ26) closed up +342 (+5.87%) on Thursday, and September ICE London cocoa #7 (CAU26) closed up +239 (+5.76%).
Cocoa prices rallied sharply on Thursday and posted 3-week highs on concern about the quality of this year’s West African cocoa crops. The lack of sunshine in the Ivory Coast and Ghana is allowing black pod disease to spread, lowering cocoa bean quality.
Concern about a smaller cocoa crop from Ghana, the world’s second-largest cocoa producer, is bullish for prices. Ghana’s Cocoa Board said last Thursday that after a field survey of pod counts, it estimates the 2026/27 Ghana cocoa crop will be 650,000 MT, down -13% from 750,000 MT last year.
Cocoa prices also have underlying support from early surveys of the 2026/27 Ivory Coast cocoa crop, which show below-average cherelle formation on cocoa trees, signaling a weak outlook for the main cocoa harvest, which begins in September. Early crop assessments show poor pod development... Read more
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