
May ICE NY cocoa (CCK26) today is up +131 (+4.07%), and May ICE London cocoa #7 (CAK26) is up +85 (+3.51%).
Cocoa prices are sharply higher today on concern that a prolonged US-Iran war will keep the Strait of Hormuz closed and disrupt global cocoa supplies. The closure of the strait is supportive of cocoa prices, as it has reduced fertilizer supplies, boosting global shipping rates, insurance costs, and fuel prices, thereby raising cocoa importers' costs.