July ICE NY cocoa (CCN26) today is down -77 (-2.01%), and July ICE London cocoa #7 (CAN26) is down -49 (-1.67%). Cocoa prices are under pressure today amid forecasts of dry conditions moving into West Africa later this week, which are expected to alleviate flooding concerns. Cocoa prices had moved higher earlier this week after cocoa farmers in the Ivory Coast reported that heavy rain and winds had blown away young flower buds and damaged cocoa trees.
Last Friday, cocoa prices tumbled to 2-week lows amid rising inventories. ICE cocoa inventories rose to a 1.75-year high of 2,929,074 bags last Friday.
