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Barchart
Rich Asplund

Cocoa Prices Fall on Forecasts for Rain in West Africa

Ice West Africa ICCO Ivory Coast London

May ICE NY cocoa (CCK24) this morning is down -80 (-1.22%), and May ICE London cocoa #7 (CAK24) is down -115 (-2.10%).

Cocoa prices this morning are sharply lower as forecasts for rain in West Africa are positive for cocoa yields and sparked long liquidation pressure in cocoa futures.  Losses in London cocoa accelerated after the British pound (^GBPUSD) today rallied to a 2-1/4 month high, which undercuts cocoa that is priced in terms of sterling.

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