Cocoa Drops as Ivory Coast Rains Ease Crop Concerns; Sugar Falls
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Cocoa futures fell for the first time in four sessions on speculation that scattered showers may help boost crops in Ivory Coast, the world’s largest producer. Sugar, cotton, orange juice and arabica coffee also slid.
As much as 20 millimeters (0.8 inch) of rain was forecast for some of Ivory Coast’s cocoa regions yesterday, and climate-prediction models signal showers will increase next week and cover a wider area, Drew Lerner, the president of World Weather Inc. in Overland Park, Kansas, said in a telephone interview. Unusual dryness in July and early August raised concern that yields may decline, boosting prices 6.2 percent last month.