**Cocoa Prices Rally Amid Crop Concerns**
On Monday, December ICE NY cocoa (CCZ26) surged by 1.85% to close at a new 11-month high, fueled by worries over West African cocoa crop quality due to adverse weather conditions. Specifically, cloud cover and limited sunshine in the Ivory Coast and Ghana have contributed to the spread of black pod disease, impacting cocoa bean quality.
Ghana’s Cocoa Board reported a projected cocoa production decrease for the 2026/27 season, estimating a crop of 650,000 metric tons, a drop of 13% from last year’s 750,000 metric tons. Similarly, early assessments indicate Ivory Coast’s cocoa output could decline by 18%, forecasting approximately 1.8 million metric tons for the upcoming season. The U.S. Climate Prediction Center warns that an El Niño pattern may exacerbate these challenges, potentially reducing soil moisture and increasing stress on cocoa trees.
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