
July ICE NY cocoa (CCN24) on Monday closed down -635 (-6.17%), and July ICE London cocoa #7 (CAN24) closed down -418 (-4.73%).
Cocoa prices on Monday fell sharply for a second session. Cocoa is under pressure because of concerns that Q2 global cocoa demand reports being released early next month will show that record high prices have led to demand construction in cocoa. Also, Ghana's cocoa regulator expects Ghana's 2024/25 cocoa production to rebound to 700,000 MT from 425,00 MT in 2023/24 as improved weather conditions boosted cocoa yields. Ghana's 2024/25 cocoa harvest begins in October.