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Barchart
Barchart
Rich Asplund

Cocoa Prices Tumble on West African Cocoa Crop Optimism

Ivory Coast West Africa Ghana London Nigeria NY

September ICE NY cocoa (CCU24) today is down -359 (-3.95%), and September ICE London cocoa #7 (CAU24) is down -191 (-2.85%).

Cocoa prices today are retreating on optimism that West African cocoa production will recover despite recent below-average precipitation.  Farmers in the Ivory Coast report that cocoa crops are continuing to thrive despite below-average rain.  Also, cocoa farmers in Nigeria said that recent dry conditions have allowed them to apply insecticides and fertilizers that will reduce the chances of pests and crop disease.    

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