
September ICE NY cocoa (CCU24) on Monday closed down -367 (-4.03%), and September ICE London cocoa #7 (CAU24) closed down -219 (-3.27%).
Cocoa prices Monday sold off sharply on optimism that West African cocoa production will recover despite recent below-average precipitation. Farmers in the Ivory Coast report that cocoa crops are continuing to thrive despite below-average rain. Also, cocoa farmers in Nigeria said that recent dry conditions have allowed them to apply insecticides and fertilizers that will reduce the chances of pests and crop disease.