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Rich Asplund

Cocoa Prices Settle Sharply Lower on Beneficial Rain in West Africa

Ice West Africa ICCO Ghana London Ivory Coast

September ICE NY cocoa (CCU24) on Thursday closed down -517 (-6.64%), and July ICE London cocoa #7 (CAN24) closed down -654 (-8.37%).

Cocoa prices Thursday sold off sharply, with London cocoa falling to a 4-week low. Favorable weather has moved into West Africa and is undercutting cocoa prices. Forecaster Maxar Technologies said Thursday that cocoa crops will continue to develop amid "more showers and favorable soil moisture."

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