Cocoa Heads for Longest Decline in Two Years on Rainy Weather
- Rain in West Africa supports current and upcoming crops
- Futures slide for sixth session, head for a quarterly loss
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Cocoa headed for the longest run of losses in two years in New York as focus turns to favorable weather that could aid crops in crucial West African growers.
Futures fell as much as 2.3% on Thursday, heading for a sixth session of declines on optimism that rains in Africa will support the current mid-crop and next season’s output. Crops will continue to develop amid “more showers and favorable soil moisture,” according to forecaster Maxar Technologies Inc.