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Barchart
Rich Asplund

Cocoa Closes Lower on Optimism Over the West African Cocoa Crop

Ice West Africa Ghana Ivory Coast ICCO London NY

September ICE NY cocoa (CCU24) on Wednesday closed down -29 (-0.33%), and September ICE London cocoa #7 (CAU24) closed down -58 (-0.89%).

Cocoa prices posted moderate losses Wednesday as an improved outlook for the next cocoa season in West Africa weighs on prices.  The end of the El Nino weather pattern and a potential shift to a La Nina pattern should boost precipitation in the Ivory Coast and Ghana, boosting soil moisture levels and increasing cocoa yields and supplies.

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