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Rich Asplund

West Africa Rain Pummels Cocoa Prices

Ice West Africa ICCO London NY Ivory Coast

July ICE NY cocoa (CCN25) Friday closed down -1,221 (-12.61%), and July ICE London cocoa #7 (CAN25) closed down -149 (-2.51%).

Cocoa prices plummeted on Friday, with NY cocoa posting a 2-month low and London cocoa posting a 2-1/2 month low.  Rain forecasts for West Africa are expected to benefit the region's cocoa crops and are hammering cocoa prices.  Forecaster Vaisala stated that moderate to heavy rainfall has fallen in West Africa over the past few days and is expected to persist through the end of this week.  

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