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Barchart
Barchart
Rich Asplund

Cocoa Prices Sharply Lower as West African Crop Prospects Improve

Ice West Africa ICCO Ghana Ivory Coast London NY

July ICE NY cocoa (CCN25) Tuesday closed down -572 (-5.62%), and July ICE London cocoa #7 (CAN25) closed down -214 (-3.14%).

Cocoa prices on Tuesday settled sharply lower due to expectations of beneficial rainfall in West Africa, which is expected to improve the prospects for the region's cocoa crop.  Weather forecasts are predicting showers to persist through this week in the Ivory Coast and Ghana, the world's two largest cocoa-producing countries.

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