The benchmark September contract for cocoa in London gained more than 2% on Wednesday to 2,590 pounds per metric ton. Prices are rising in reaction to a tight market for cocoa beans, which are mainly produced in Ivory Coast and Ghana. Arrivals of cocoa at Ivory Coast ports for export are down nearly 5% this season. The International Cocoa Organization (ICCO) widened this month its forecast for a global deficit on cocoa supply from 60,000 metric tons previously to 142,000 metric tons. Arabica coffee settled down 5 cents, or 3%, at $1.6195 per lb, while robusta coffee fell $99, or 3.6%, at $2,616 a metric ton.

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Persons: Leonardo Rosseti, Rosseti, Maytaal, Mark Potter, David Gregorio Our Organizations: YORK, Intercontinental Exchange, International Cocoa Organization, StoneX, Refinitiv Commodities Research, Thomson Locations: London, West Africa, Ivory Coast, Ghana, West, New York