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Rich Asplund

Cocoa Prices Plunge as Beneficial West African Weather Bolsters Crop Prospects

West Africa NY London ICCO Ghana

December ICE NY cocoa (CCZ24) Wednesday closed down -388 (-5.34%), and December ICE London cocoa #7 (CAZ24) closed down -187 (-3.61%).

Cocoa prices Wednesday sold off sharply for a second day, with NY cocoa posting a 3-1/2 week low and London cocoa posting a 6-1/2 month low. Rain in West Africa has boosted the prospects for the region's cocoa crops and is hammering cocoa prices.

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