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Rich Asplund

Cocoa Prices Finish Sharply Lower on Improved Growing Conditions in West Africa

Ice West Africa ICCO Ivory Coast Maxar Technologies Ghana

September ICE NY cocoa (CCU24) on Tuesday closed down -751 (-8.74%), and September ICE London cocoa #7 (CAU24) closed down -519 (-7.37%).

Cocoa prices plunged Tuesday and settled sharply lower as beneficial growing conditions in West Africa have improved the prospects for the cocoa crop. Forecaster Maxar Technologies said showers are expected to continue this week in most of the cocoa-growing regions of West Africa, "keeping soil moisture favorable for crop growth."

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