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Barchart
Barchart
Rich Asplund

NY Cocoa Falls on Ideal Growing Conditions in West Africa

September ICE NY cocoa (CCU24) on Tuesday closed down -72 (-0.91%), and July ICE London cocoa #7 (CAN24) closed up +138 (+1.80%).

Cocoa prices Tuesday settled mixed, with NY cocoa posting a 1-month low.  Cocoa prices are being undercut by reports of beneficial growing weather in the Ivory Coast and Ghana that should boost cocoa production.  Tuesday's weakness in the British pound (^GBPUSD) supported London cocoa prices.  A weaker pound boosts cocoa that is priced in terms of sterling.

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