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Rich Asplund

Cocoa Prices Plunge as Prospects Improve for West African Cocoa Crops

Ice West Africa Africa ICCO Ivory Coast London Ghana NY

July ICE NY cocoa (CCN25) Friday closed down -514 (-5.00%), and July ICE London cocoa #7 (CAN25) closed down -455 (-6.41%).

Cocoa prices on Friday plummeted to 1-1/2 week lows and settled sharply lower as forecasts for favorable rain in West Africa are expected to aid cocoa crop development in the world's largest cocoa-growing regions.  Meteorologist Vaisala said that moderate showers are expected to continue into next week in the cocoa-growing regions of West Africa.

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