Ivory Coast Cocoa Outlook Darkens Amid Below-Normal Rains

Cocoa prices continued their upward trend on Thursday, closing at a +1.12% gain for December ICE NY cocoa (CCZ26) and a +1.33% gain for December ICE London cocoa #7 (CAZ26). The rise in prices comes as forecasts indicate below-normal rains in the Ivory Coast over the next week, which could stress crops and reduce cocoa output in the 2026/27 crop season.

The weaker British pound also contributed to the gains in London cocoa, as it fell to a 2.75-month low on Thursday. This is because prices are denominated in sterling, making them more attractive when the currency is weak.

Concerns about the quality of this year's West African cocoa crops have been driving up prices. Cloudy weather and limited sunshine in the Ivory Coast and Ghana have allowed black pod disease to spread, lowering cocoa bean quality.