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Rich Asplund

Cocoa Prices Retreat on Forecasted Rains for the Ivory Coast

Ice Ivory Coast London ICCO NY

September ICE NY cocoa (CCU25) Wednesday closed down -337 (-4.21%), and September ICE London cocoa #7 (CAU25) closed down -80 (-1.42%).

Cocoa prices retreated on Wednesday, with NY cocoa posting a 1-month low and London cocoa posting a 1.5-week low.  The outlook for abundant rains over the next week in the Ivory Coast should improve the outlook for the region's cocoa crops and is weighing on prices.  Losses in London cocoa were contained due to Wednesday's decline in the British pound (^GBPUSD) to a 1-week low, as the weaker pound boosts cocoa that is priced in terms of sterling.

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