Cocoa Futures Surge on Worries About Weaker Crops in West Africa
Cocoa beans drying on a rack at a farm in Kwabeng, Ghana.
Photographer: Paul Ninson/BloombergCocoa futures climbed the most since December amid dropping inventories and renewed concern about weaker West African crop forecasts in the coming season.
Futures in New York surged as much as 11% on Monday before paring gains. US exchange cocoa stockpiles have been falling, while dry weather conditions in parts of the world’s top growing region are threatening the next cocoa season after the current mid-crop harvest has already been poorer than expected.