Cocoa prices gained last week as reports out of the Ivory Coast indicated that the upcoming harvest could be smaller than expected and slow to arrive in consuming markets in Europe and North America. The African country produces more than a third of the world’s cocoa, making supply shortages from that nation felt throughout the chocolate-loving world. As of midday Friday, cocoa for delivery in May was worth $2,331 per metric ton, up $70 (+3.1 percent) during the week.
Opinions are solely the writer’s. Walt Breitinger is a commodity futures broker based out of Silver Lake, Kan. He can be reached at 800-411-3888 or www.paragoninvestments.com. This is not a solicitation of any order to buy or sell any market.