Since the disputed November 28 presidential election in Ivory Coast, cocoa futures have spiked 17 percent. The incumbent president has refused to cede power to the president-elect, who has prohibited exports of the bean from January 23 through February 23 as a method of cutting off funds that otherwise would go to the incumbent president.
"The odds don't favor this being anything other than a short-term problem," Shawn Hackett, president of Hackett Financial Advisors in Boynton Beach, Florida, told Bloomberg. "Enough people are starting to realize that things are going to calm down."
At 2 p.m. on Friday, cocoa futures were down 2.41 percent, an $81 dollar dip to $3,277 per metric ton.
As the globe's second-biggest cocoa producer, Ghana acquired 643,000 tons of beans from farmers this season. Better weather and more use of fertilizer and pesticide have benefited the crop's prospects.
Cocoa previously had nine-straight winning sessions, its most successful run since September 2007. This week, cocoa is up 2,9 percent.