December ICE NY cocoa (CCZ26) closed up +14 (+0.26%) on Thursday, and December ICE London cocoa #7 (CAZ26) closed up +15 (+0.37%).
Cocoa prices recovered from early losses on Thursday and settled higher, with NY cocoa rebounding from a 2-month low. Short covering emerged in cocoa futures on Thursday amid concern that Ghana's move to raise the price paid to cocoa farmers for the 2026/27 season could encourage farmers in the Ivory Coast to smuggle beans into Ghana for higher prices, disrupting the flow of cocoa beans into the international market. Cocoa farmers in Ghana will now receive $3,647 a ton for the new harvest that began last Friday, up +2.4% from the last increase in February.