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Rich Asplund

Cocoa Prices Post Sharp Losses on Ideal Crop Conditions in West Africa

Ice West Africa Ghana Ivory Coast

September ICE NY cocoa (CCU24) on Friday closed down -379 (-4.70%), and September ICE London cocoa #7 (CAU24) closed down -285 (-4.30%).

Cocoa prices on Friday gave up an early advance and turned sharply lower, thanks to improved growing conditions in West Africa that could boost cocoa yields. Forecaster Maxar Technologies said showers are expected to continue this week in most of the cocoa-growing regions of West Africa, "keeping soil moisture favorable for crop growth."

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