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Rich Asplund

Cocoa Prices Finish Sharply Lower on Rain Forecasts for West Africa

Ice West Africa Ivory Coast Ghana ICCO

July ICE NY cocoa (CCN24) on Monday closed down -1,725 (-19.40%), and July ICE London cocoa #7 (CAN24) closed down -1,565 (-20.69%).

Cocoa prices on Monday plunged to 1-week lows and settled sharply lower. Forecasts for rain in West Africa are boosting the outlook for cocoa crops and sparked massive long liquidation in cocoa futures. Maxar Technologies said rain showers in the Ivory Coast and Ghana "should improve cocoa growing conditions quite a bit."

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