El Niño weather phenomenon lowers crop estimates for cocoa

The El Niño weather phenomenon is expected to continue well into spring 2016. El Niño is also being blamed for the excessively dry conditions in West Africa. Cocoa production in Ghana had already slumped last season due to a combination of different reasons. Dry weather continues to be a problem despite intermittent rainfall. 

Overall, precipitation fell 70% short of the norm in the 90 days up to 15 October. This poses a risk to the hoped-for recovery of Ghanaian cocoa production in the 2015/16 season that has now begun, says Commerzbank. Both commodities gained by a good one percent yesterday in Chicago and London respectively.