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Rich Asplund

Favorable Growing Conditions in West Africa Hammers Cocoa Prices

Ice West Africa ICCO London Ivory Coast NY

July ICE NY cocoa (CCN25) Wednesday closed down -263 (-2.65%), and July ICE London cocoa #7 (CAN25) closed down -202 (-3.14%).

Cocoa prices on Wednesday added to Tuesday's losses and settled sharply lower, with London cocoa falling to a 2-1/2 week low.  Rain forecasts for West Africa are expected to benefit the region's cocoa crops and are bearish for prices.  Forecaster Vaisala stated Tuesday that moderate to heavy rainfall has fallen in West Africa over the past few days and is expected to persist through the end of the week.  

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