December ICE NY cocoa (CCZ25) on Thursday closed down -123 (-1.75%), and December ICE London cocoa #7 (CAZ25) closed down -49 (-1.00%).
Cocoa prices settled lower on Thursday but remain above this week's significant lows. On Tuesday, NY cocoa fell to a 10.75-month low and London cocoa fell to a 2.25-month low as beneficial rains in the Ivory Coast bolstered the outlook for the region's cocoa crop and weighed on prices. Chocolate maker Mondelez recently said that the latest cocoa pod count in West Africa is 7% above the five-year average and "materially higher" than last year's crop. The harvest of the Ivory Coast's main crop is expected to begin next month, and farmers are optimistic about the quality of the crop.
