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Rich Asplund

Weekend Rains in West Africa Weigh on Cocoa Prices

Ice West Africa the Ivory Coast Ghana ICCO

May ICE NY cocoa (CCK26) today is down -2 (-0.06%), and May ICE London cocoa #7 (CAK26) is down -7 (-0.30%).

Cocoa prices are slightly lower today after heavy rains over the weekend in West Africa bolstered the outlook for cocoa crops in the Ivory Coast and Ghana. Cocoa prices have been under pressure over the past three weeks, posting 3-week lows last Thursday amid expectations of a bumper West African cocoa crop. Farmers in the Ivory Coast and Ghana have recently reported that consistent rains have boosted pod development on cocoa trees.

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