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Barchart
Rich Asplund

West African Rain Weighs on Cocoa Prices

Ice West Africa ICCO NY Ghana Ivory Coast London

July ICE NY cocoa (CCN25) Wednesday closed down -53 (-0.55%), and July ICE London cocoa #7 (CAN25) closed down -78 (-1.18%).

Cocoa prices on Wednesday extended this week's side, with NY cocoa falling to a 1-1/2 week low.  The outlook for beneficial rainfall in West Africa is improving the prospects for the region's cocoa crop and is weighing on prices.  Weather forecasts predict that rain showers will persist through this week in the Ivory Coast and Ghana, the world's two largest cocoa-producing countries.

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