Sep ICE NY cocoa (CCU23) on Thursday closed +41 (+1.22%), and Sep ICE London cocoa #7 (CAU23) closed +25 (+0.93%).
Cocoa prices Thursday closed moderately gains, with NY cocoa posting a 1-week high and London cocoa posting a 5-week high. Concerns about lower cocoa production in Ghana, the world's second-largest producer, are underpinning cocoa prices. Ghana's cocoa regulator said Wednesday that its cocoa farmers would unlikely fulfill some of its cocoa contracts for a second season. Ghana's regulator postponed 44,000 MT of cocoa shipments to future seasons due to a lack of supplies. Ghana's 2022/23 cocoa crop is now expected at around 650,000 MT, a 13-year low and 24% below initial estimates of 850,000 MT, as a lack of fertilizers and black pod disease hurt cocoa yields.
