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Barchart
Rich Asplund

West African Cocoa Crop Optimism Weighs on Prices

Ice West Africa ICCO Ivory Coast London NY

September ICE NY cocoa (CCU25) Wednesday closed down -67 (-0.76%), and July ICE London cocoa #7 (CAN25) closed down -41 (-0.68%).

Cocoa prices on Wednesday gave up an early advance and settled lower, driven by optimism about West African cocoa crops.  Cocoa prices have been under pressure over the past couple of weeks, with NY cocoa posting a 2-1/4 month low last Friday and London cocoa posting a 2-1/2 month low.  Recent rain in West Africa is expected to benefit the region's cocoa crops and has limited the upside in cocoa prices.  

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