Cocoa futures keep falling in price. In the morning on September 19 quotations have reached their 3-week low. Investors are hoping for rich yield and, consequently, high supply because of predicted downpour in the countries of cocoa production, namely, Ghana and Cote d’Ivoire.
Meteorologists predict rains to last from Wednesday till the end of the week. International Cocoa Organization has highlighted that last year these two countries supplied 69 percent of the total volume of cocoa beans.
At New York exchange December future for cocoa has dropped by 2.01 percent, having amounted to 2532 dollars per ton. The price used to previously drop to 2519 dollars per ton, which was the lowest point since August 29. On September 6 quotations have risen to the highest point in 10-month time, thus amounting to 2707 dollars per ton. Investors were than worrying about drought and poor yield.
The chart below reflects the current state of affairs in the market of cocoa:
