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Rich Asplund

Favorable Growing Conditions in West Africa Undercut Cocoa Prices

Ice West Africa London ICCO Ivory Coast Ghana NY

July ICE NY cocoa (CCN25) Tuesday closed down -25 (-0.26%), and July ICE London cocoa #7 (CAN25) closed down -82 (-1.23%).

Cocoa prices on Tuesday closed lower, with London cocoa posting a 2-week low.  Forecasts for favorable rain in West Africa are expected to aid cocoa crop development in the world's largest cocoa-growing regions, a bearish factor for prices.  Meteorologist Vaisala said that moderate showers are expected to continue into this week in the cocoa-growing regions of West Africa.

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