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Barchart
Barchart
Rich Asplund

YOU WONT BELIEVE: Cocoa prices underpinned by supply woes | Mind Blowing Facts

March ICE NY cocoa (CCH25) Friday closed unchanged, and March ICE London cocoa #7 (CAH25) closed up +36 (+0.46).

Cocoa prices on Friday extended this week's rally, with Mar NY cocoa and Mar London cocoa posting fresh contract highs.  Also, nearest-futures (Z24) NY cocoa posted a 2-3/4 month high, and nearest-futures (Z24) London cocoa posted a 5-1/2 month high.  Cocoa prices are soaring after weather forecaster Maxar Technologies said Wednesday that dry conditions in West Africa will hurt the early development of the mid-year cocoa crop harvested in April and that the arrival of the seasonal Harmattan winds could worsen the situation.  

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