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Barchart
Rich Asplund

Favorable Weather in West Africa Sparks Long Liquidation in Cocoa Futures

Ice West Africa London NY ICCO

Sep ICE NY cocoa (CCU23) on Tuesday closed -143 (-4.11%), and Sep ICE London cocoa #7 (CAU23) closed -47 (-1.76%).

Cocoa prices Tuesday settled sharply lower, with NY cocoa falling to a 3-week low and London cocoa falling to a 2-week low.   Cocoa prices sold off Tuesday on reports that heavy rain ended and that weather conditions improved in West Africa, which should benefit cocoa crop growth and fieldwork.

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