July ICE NY cocoa (CCN25) Monday closed down -359 (-4.04%), and July ICE London cocoa #7 (CAN25) did not trade with markets in the UK closed for the May Day holiday.
Cocoa prices on Monday fell sharply on signs that improved weather conditions in West Africa benefited the cocoa crops in the Ivory Coast and Ghana, the world's two largest cocoa producers. Cocoa farmers in the Ivory Coast reported, "Cocoa trees continue to re-flower, and the cherelles are becoming pods." Ghana farmers said recent rains have improved the conditions of their crops.
