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Rich Asplund

Cocoa Prices Retreat as Consistent Rains Boost West African Crop Prospects

Ice the Ivory Coast ICCO London NY

May ICE NY cocoa (CCK26) on Tuesday closed down -69 (-2.02%), and May ICE London cocoa #7 (CAK26) closed down -61 (-2.44%).

Cocoa prices settled sharply lower on Tuesday due to an improving supply outlook, amid reports from West African farmers that said consistent rains have boosted pod development in cocoa trees in the Ivory Coast and Ghana.

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