Cocoa Futures Jump Over 10% in Two Sessions on West African Crop-Quality Fears

Cocoa futures extended a sharp rally, with December ICE New York cocoa closing up 5.87% on Aug. 27 and the front-month contract touching $6,634/tonne on Aug. 28 — a roughly 10% two-day gain and the highest level since mid-July. Traders cited early surveys showing below-average cherelle (pod) formation and spreading black pod disease across Ivory Coast and Ghana, the world's two largest producers, with Ghana's COCOBOD projecting 2026/27 output could fall to as low as 450,000 tonnes from 750,000 tonnes as insufficient sunshine and El Niño-linked dry stress compound the outlook. Ivory Coast's incoming main crop is estimated at 1.8 million tonnes, down 18% from 2025/26.