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Barchart
Rich Asplund

Cocoa Prices Plummet on Rain Forecasts for West Africa

Ice West Africa Ivory Coast Ghana ICCO

July ICE NY cocoa (CCN24) this morning is down -1,707 (-19.20%), and July ICE London cocoa #7 (CAN24) is down -1,550 (-20.49%).

Cocoa prices this morning plunged to 1-week lows and are 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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