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Barchart
Rich Asplund

Cocoa Prices Fall Sharply on Beneficial Rains in the Ivory Coast

Ice Ivory Coast ICCO London NY Ghana Nigeria

December ICE NY cocoa (CCZ25) on Monday closed down -284 (-3.92%), and December ICE London cocoa #7 (CAZ25) closed down -149 (-2.95%).

Cocoa prices retreated on Monday, with NY cocoa dropping to a 10.5-month low and London cocoa sliding to a 2.25-month low.   Beneficial rains in the Ivory Coast are supporting the development of the region's cocoa crop and are weighing on prices.  Chocolate maker Mondelez recently said that the latest cocoa pod count in West Africa is 7% above the five-year average and "materially higher" than last year's crop.  The harvest of the Ivory Coast's main crop begins at the end of this month, and farmers are optimistic about the crop's quality.  

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