Cocoa futures slide to 1-week lows as West African growing conditions improve
ICE New York September cocoa fell 278 points (-4.78%) on Tuesday, while ICE London July cocoa dropped 179 points (-4.21%), with both contracts hitting 1-week lows. Ghana’s cocoa board said 750,000 MT had been harvested for the season ending at the end of August, up 25.6% from 597,000 MT a year earlier. Ivory Coast port data showed cocoa arrivals since October 1 have reached 2.11 MMT, up 20% year on year. Early assessments of next season point to poor pod development, with output for the season starting in September estimated at 1.8 MMT, down 18% from about 2.2 MMT expected for the current season.