September ICE NY cocoa (CCU24) on Wednesday closed down -81 (-1.03%), and September ICE London cocoa #7 (CAU24) closed down -200 (-3.07%).
Cocoa prices Wednesday dropped to 1-week lows and closed moderately lower. Improved growing conditions in West Africa that could boost cocoa yields are weighing on prices. 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." Losses in London cocoa accelerated Wednesday after the British pound (^GBPUSD) rallied to a 1-year high. The stronger pound weighs on cocoa priced in terms of sterling.
