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Barchart
Barchart
Rich Asplund

Dollar Strength and West African Rains Weigh on Cocoa Prices

May ICE NY cocoa (CCK26) today is down -33 (-1.00%), and May ICE London cocoa #7 (CAK26) is down -6 (-0.25%).

Cocoa prices are sliding today, pressured by a rally in the dollar index ($DXY) to a 3.5-month high.  Also, optimism that rain in West Africa will boost cocoa crop yields is bearish for prices.  Weather forecaster Vaisala said it expects rainfall to continue into next week for most of West Africa, which should support cocoa crop flowering.

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