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Barchart
Barchart
Rich Asplund

Forecasts for Rain in West Africa Weigh on Cocoa Prices

May ICE NY cocoa (CCK24) this morning is down -48 (-0.74%), and May ICE London cocoa #7 (CAK24) is down -120 (-2.24%).

Cocoa prices this morning extended Thursday's losses and posted 1-week lows as forecasts for rain in West Africa sparked long liquidation in cocoa futures.  Losses in London cocoa accelerated after the British pound (^GBPUSD) rallied to a 7-1/2 month high, which undercut London cocoa that is priced in terms of sterling.

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