May ICE NY cocoa (CCK24) this morning is up +58 (+0.53%), and May ICE London cocoa #7 (CAK24) is up +207 (+2.30%).
Cocoa prices today extended this year's parabolic rally to new all-time highs. Concern that global cocoa supplies will continue to shrink in the coming months is pushing prices to new record highs. Due to limited supplies, global cocoa grinders are paying up in the cash market to secure cocoa supplies this year due to growing concerns that West African cocoa suppliers may default on supply contracts. Bloomberg reported last Thursday that the Ghana Cocoa Board is negotiating with major cocoa traders to postpone the delivery of at least 150,000 MT to 250,000 MT of cocoa until next season due to a lack of beans. Cocoa prices have rallied sharply since the beginning of the year, driven by the worst supply shortage in 40 years.
