
March ICE NY cocoa (CCH26) on Monday closed down -403 (-6.42%), and March ICE London cocoa #7 (CAH26) closed down -321 (-7.05%).
Cocoa prices sank on Monday as rains in West Africa and a delay in the seasonal Harmattan winds have benefitted cocoa crops, sparking long liquidation in cocoa futures. Cocoa farmers in the Ivory Coast and Ghana are reporting a well-balanced mix of rain and sunshine that is supporting cocoa pod development.