**Cocoa Prices Surge Amid Supply Concerns**
Cocoa prices are rising sharply, with December ICE NY cocoa up 7.19% and September ICE London cocoa up 8.27%, reaching 11-month highs. The surge is driven by concerns over the quality of West African cocoa crops, particularly in the Ivory Coast and Ghana, due to unfavorable weather conditions enabling the spread of black pod disease.
In Ghana, the Cocoa Board projects a 2026/27 cocoa crop of 650,000 metric tons, a 13% decrease from last year’s 750,000 metric tons. Similarly, early assessments from the Ivory Coast suggest a potential crop of 1.8 million metric tons, down 18% from the previous season. Additionally, the US Climate Prediction Center warns that a strong El Niño could worsen conditions for cocoa production, stressing trees and reducing yields.
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