September ICE NY cocoa (CCU25) today is down -322 (-4.02%), and September ICE London cocoa #7 (CAU25) is down -68 (-1.20%).
Cocoa prices today are sharply lower, with NY cocoa posting a 1-month low and London cocoa posting a 1.5-week low. The outlook for abundant rains over the next week in the Ivory Coast should improve the outlook for the region's cocoa crops and is weighing on prices. Losses in London cocoa are limited due to today's decline in the British pound (^GBPUSD) to a 1-week low, as the weaker pound boosts cocoa that is priced in terms of sterling.
