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Rich Asplund

Cocoa Prices Sharply Lower on Strong Ivory Coast Cocoa Shipments

COCOA Ice Ivory Coast London Cocoa NY Cocoa Ghana ICCO London United Kingdom

March ICE NY cocoa (CCH25) Thursday closed down -825 (-6.96%), and March ICE London cocoa #7 (CAH25) did not trade with UK markets closed for the Boxing Day holiday.

Cocoa prices Thursday plummeted to a 1-1/2 week low and closed sharply lower on news of continued high cocoa shipments by farmers in the Ivory Coast, the world's largest producer. Government data Monday showed that Ivory Coast farmers shipped 970,945 MT of cocoa to ports from October 1 to December 15, up +30% from 744,967 MT shipped the same time last year.

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