The current mid-crop harvest in West Africa is being jeopardized by dry weather conditions, as reported by The Hightower Report.
The Ivory Coast has also requested that purchasers hold off until the mid-crop period to alleviate the shortage.
Encouraged by the surge, some growers are returning to the market, while it has started to put pressure on certain traders.
According to individuals familiar with the negotiations, Ghana, a leading global producer, has initiated discussions with traders to postpone deliveries due to insufficient bean supply.
Earlier this month, futures for cocoa surged to a record high of over $10,000 per ton, more than double the level seen at the beginning of the year, due to a global shortage.
As expected, tighter supplies in the coming months have pushed cocoa futures to near record levels, rallying for a fifth consecutive day.
The most active contract in New York saw an increase of up to 2.9%, with prices also surging in London.
