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Barchart
Barchart
Rich Asplund

Cocoa Prices Pressured by Ideal Growing Conditions in West Africa

September ICE NY cocoa (CCU24) today is down -76 (-0.96%), and July ICE London cocoa #7 (CAN24) is up +142 (+1.85%).

Cocoa prices today are mixed, with NY cocoa posting a 1-month low.  Cocoa prices are being undercut by reports of beneficial growing weather in the Ivory Coast and Ghana that should boost cocoa production.  Today's weakness in the British pound (^GBPUSD) sparked short-covering in London cocoa and pushed prices higher.  A weaker pound boosts cocoa that is priced in terms of sterling.

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