July ICE NY cocoa (CCN23) on Tuesday closed down -46 (-1.44%), and July ICE London cocoa #7 (CAK23) closed down -24 (-0.93%).
Cocoa prices Tuesday closed lower, with NY cocoa falling to a 1-week low. Drier conditions in the Ivory Coast have allowed farmers to transport their cocoa beans to port and are weighing on prices. Last Thursday, NY cocoa climbed to a 5-week high, and London cocoa posted a 12-3/4 year nearest-futures high on cocoa supply concerns in the Ivory Coast. Recent heavy rain in the Ivory Coast had made roads impassable, making it difficult for truck drivers to take cocoa beans from farms to port. The heavy rain has also disrupted the West African cocoa harvest and drying of beans, raising concerns about mid-crop production.
