Cocoa Drops in London for 2nd Day as West African Rainfall May Boost Crop

(Bloomberg) -- Cocoa declined for a second straight
day in London on speculation rainfall in West Africa, where 70
percent of the beans are grown, will boost global supply.

There may be thunderstorms today and tomorrow in Ivory
Coast and Ghana, the world's biggest producers of the chocolate
ingredient, U.S. weather forecaster Meteorlogix LLC said in a
report yesterday. Both countries had heavy rainfall and
thunderstorms over the weekend. Cocoa has surged 20 percent this
year partly on concern drier-than-normal weather in the region
may hurt crops.


Read more at Bloomberg Commodities News

Ghana's cocoa output down 16.2 pct in 2006/07

(Reuters) - Ghana's cocoa production may not exceed 620,000 tonnes in the crop year ending September 2007 because of dry weather, Issac Osei, chief executive of Ghana Cocoa Board, told Reuters on Thursday.

"It's not more than 620,000 tonnes. That's the maximum," Osei said on the sidelines of an international cocoa conference on the island resort of Bali.


Read more at Reuters Africa

Cocoa Futures Fall in New York on Speculation Three-Week Rally Overdone

(Bloomberg) -- Cocoa futures in New York fell on
speculation that a three-week rally had lifted prices too high.

Before today, cocoa had increased 8.4 percent this month as
dry weather in Ivory Coast and Ghana, the world's biggest
producers, threatened supplies. All 19 futures contracts in the
Reuters/Jefferies CRB Commodity Price Index fell today.


Read more at Bloomberg Commodities News