Cocoa Climbs as Traders Focus on Crop Prospects in West Africa
- New York prices rise as much as 7.2% to most since late July
- Futures have eased on rain forecasts, but challenges remain
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Cocoa futures in New York rose to the highest price since late July, breaking out of last week’s largely rangebound trading.
The most-active contract climbed as much as 7.2% on Monday as traders continued to parse prospects for production in key West African growers for the upcoming main crop season starting in October. Prices have eased recently on forecasts of beneficial rains but weather risks and challenges for farmers still persist, threatening to keep beans historically expensive.