March ICE NY cocoa (CCH25) Monday closed up +139 (+1.24%), and March ICE London cocoa #7 (CAH25) closed up +10 (+0.11%).
Cocoa prices Monday climbed to 1-week highs on concern slowing Ivory Coast cocoa exports will tighten global supplies. While government data shows Ivory Coast farmers shipped 1.11 MMT of cocoa to ports so far this marketing year, up more than +27% from last year, the pace has narrowed from the 35% boost seen last month. London cocoa fell back from its best levels Monday as the British pound (^GBPUSD) rose +0.72% to a 4-session high. The stronger pound undercuts cocoa priced in sterling.
