Cocoa prices surged to 11-month highs on Friday, with December ICE NY cocoa (CCZ26) climbing 7.69% to close at +475 and September ICE London cocoa #7 (CAU26) rising 8.77% to close at +385. The increase is driven by concerns over the quality of West African cocoa crops, particularly due to adverse weather conditions affecting production in the Ivory Coast and Ghana.
Ghana’s Cocoa Board has reported a projected decrease of 13% in its 2026/27 cocoa crop to 650,000 metric tons, down from 750,000 MT the previous year. Meanwhile, early assessments from the Ivory Coast suggest a possible crop of 1.8 million MT for the upcoming season, an 18% drop from 2.2 million MT. Compound these factors with predictions of an El Niño weather pattern that tends to reduce cocoa yields, and the outlook remains tight amid reported increases in cocoa inventories, which hit a two-year high of 3,390,667 bags last week.
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