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Barchart
Rich Asplund

Cocoa Prices Under Pressure as Growing Conditions Improve in West Africa

September ICE NY cocoa (CCU24) on Wednesday closed down -58 (-0.74%), and July ICE London cocoa #7 (CAN24) closed up +3 (+0.04%).

Cocoa prices Wednesday settled mixed.  Cocoa is under pressure from reports of beneficial growing weather in the Ivory Coast and Ghana that should boost cocoa production.  However, London cocoa Wednesday recovered early losses and posted modest gains on the decline in the British pound (^GBPUSD) to a 6-week low, which boosted London cocoa since it is priced in terms of sterling.

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