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Rich Asplund

Cocoa Prices Sink on Favorable Crop Conditions in West Africa

Ice West Africa Africa ICCO NY European Union London the International Cocoa Organization the Ivory Coast

March ICE NY cocoa (CCH26) on Friday closed down -194 (-3.20%). March ICE London cocoa #7 (CAH26) closed down -129 (-2.95%).

Cocoa prices sold off to 1-week lows on Friday and settled sharply lower. Improved weather in West Africa is weighing on cocoa prices. Tropical General Investments Group said Friday that favorable growing conditions in West Africa are expected to boost the February-March cocoa harvest in the Ivory Coast and Ghana, as farmers report larger and healthier pods compared with the same period last year.

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