December ICE NY cocoa (CCZ25) on Tuesday closed up +33 (+0.47%), and December ICE London cocoa #7 (CAZ25) closed down -22 (-0.45%).
Cocoa prices settled mixed on Tuesday, with London cocoa posting a 2.25-month low. Beneficial rains in the Ivory Coast are supporting the development of the region's cocoa crop, which is weighing on prices. Chocolate maker Mondelez recently said that the latest cocoa pod count in West Africa is 7% above the five-year average and "materially higher" than last year's crop. The harvest of the Ivory Coast's main crop is expected to begin at the end of this month, and farmers are optimistic about the quality of the crop.
