ICE cocoa futures jump 5.51% in New York and 4.63% in London on West Africa crop worries

ICE New York and London cocoa futures surged 5.51% and 4.63% on Thursday, hitting 5.5-month highs. Heavy rain in Ivory Coast and Ghana has disrupted access to farms and ports and raised the risk of brown rot disease, tightening near-term supply expectations. Separate weather signals are also supporting prices after Japan’s Meteorological Agency confirmed an El Niño pattern and NOAA put the odds of a “Super El Niño” this year at 67%.