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Rich Asplund

West African Rain Benefits Cocoa Crops and Undercut Prices

Ice West Africa ICCO Ivory Coast London NY

July ICE NY cocoa (CCN25) Tuesday closed down -92 (-0.92%), and July ICE London cocoa #7 (CAN25) closed down -111 (-1.71%).

Cocoa prices erased an early rally on Tuesday and turned lower due to rain forecasts for West Africa, which is expected to benefit the region's cocoa crops. Forecaster Vaisala stated Tuesday that moderate to heavy rainfall has fallen in West Africa over the past few days and is expected to persist through the end of the week.

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