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Barchart
Rich Asplund

Cocoa Prices Sink on West African Cocoa Crop Optimism

Ice West Africa ICCO London

December ICE NY cocoa (CCZ25) today is down -173 (-2.80%), and December ICE London cocoa #7 (CAZ25) is down -113 (-2.55%).

Cocoa prices are sharply lower for a third day today, posting 1-week lows.  Since posting 5-week highs on Tuesday, cocoa prices have retreated amid expectations of a bumper cocoa crop in West Africa.  Reports from Ivory Coast cocoa farmers stated that cocoa trees are doing well, and recent dry weather helped harvested beans dry, while cocoa farmers in Ghana said favorable weather is allowing cocoa pods to develop quickly.  

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