Sep ICE NY cocoa (CCU23) on Wednesday closed +32 (+0.96%), and Sep ICE London cocoa #7 (CAU23) closed +6 (+0.22%).
Cocoa prices Wednesday posted moderate gains, with NY cocoa climbing to a 1-week high. Concerns that Ghana, the world's second-largest cocoa producer, is unlikely to fulfill some of its cocoa contracts for a second season boosted prices Wednesday. Ghana's cocoa 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.
