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Rich Asplund

Cocoa Prices Plunge as Beneficial Rain in West Africa Boosts Crop Conditions

Ice West Africa ICCO London NY Ivory Coast

July ICE NY cocoa (CCN25) today is down -1,236 (-12.77%), and July ICE London cocoa #7 (CAN25) is down -149 (-2.51%).

Cocoa prices today are sharply lower, with NY cocoa plunging to a 2-month low and London cocoa falling to a 2-1/2 month low.  Rain forecasts for West Africa are expected to benefit the region's cocoa crops and are hammering cocoa prices.  Forecaster Vaisala stated that moderate to heavy rainfall has fallen in West Africa over the past few days and is expected to persist through the end of this week.  

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