December ICE NY cocoa (CCZ24) today is down -230 (-2.87%). September ICE London cocoa #7 (CAU24) is down -547 (-8.71%).
Cocoa prices are sinking today, with London cocoa posting a 3-month low. An improved weather outlook sparked long liquidation in cocoa futures after Maxar Technologies forecast rain for West Africa over the next week. Previously, NY cocoa rallied to a 2-month high Monday due to concern that excessively dry conditions in West Africa could curb the region's cocoa production. Forecaster Maxar Technologies said last week that top cocoa-producing countries Ivory Coast and Ghana had seen a "significant decrease in shower activity" over the past month, leading to below-normal soil moisture and limited crop growth.
