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Rich Asplund

Cocoa Prices Plunge on Rain Forecasts for the Ivory Coast

Ice Ivory Coast London NY ICCO Ghana

March ICE NY cocoa (CCH24) on Monday closed -110 (-2.62%), and Mar ICE London cocoa #7 (CAH24) closed -113 (-3.23%).

Cocoa prices on Monday sold off sharply, with NY cocoa posting a 7-week low and London cocoa posting a 2-1/4 month low.  Forecasts for rain this week in the Ivory Coast resulted in long liquidation by funds, which led to technical selling as losses in cocoa futures accelerated after stop-loss orders were triggered.

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