September ICE NY cocoa (CCU24) on Monday closed down -145 (-1.85%), and September ICE London cocoa #7 (CAU24) closed down -154 (-2.35%).
Cocoa prices Monday retreated as improved weather conditions in West Africa should boost the region's cocoa yields and is negative for prices. Cocoa farmers in the Ivory Coast said they returned to their fields after heavy rains eased, and cocoa farmers in Ghana reported that recent rain has improved soil moisture levels and boosted cocoa pod production. Losses in London cocoa accelerated Monday after the British pound (^GBPUSD) climbed to a 3-1/2 week high, which weighs on cocoa priced in terms of sterling.
