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Rich Asplund

Cocoa Prices Settle Lower on Ivory Coast Harvest Pressures

Ice Ivory Coast London NY the Ivory Coast ICCO

December ICE NY cocoa (CCZ24) Tuesday closed down -254 (-3.44%), and December ICE London cocoa #7 (CAZ24) closed down -154 (-2.75%).

Cocoa prices Tuesday settled sharply lower, with NY cocoa posting a 2-week low and London cocoa posting a 1-1/2 week low. Harvest pressures in the Ivory Coast are weighing on cocoa prices. Monday's government data showed that Ivory Coast farmers shipped 192,804 MT of cocoa to ports from October 1 to October 20, up +12.9% from 170,794 MT shipped the same time last year. The Ivory Coast is the world's largest cocoa producer.

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