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Rich Asplund

Cocoa Prices End Lower on the Outlook for Beneficial Rain in West Africa

Ice West Africa Ivory Coast Ghana ICCO NY

July ICE NY cocoa (CCN24) on Friday closed down -45 (-0.61%), and July ICE London cocoa #7 (CAN24) closed down -108 (-1.73%).

Cocoa prices settled moderately lower on Friday due to the outlook for much-needed rain in West Africa. Cocoa recovered from its worst levels Friday as short covering emerged after updated weather forecasts lowered the rainfall amounts expected next week in West Africa. Cocoa prices tumbled to 2-week lows Monday when Maxar Technologies forecasted beneficial rain showers for the Ivory Coast and Ghana.

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