Cocoa market declines with favorable weather forecasts in West Africa

The week started off busy in global markets, with “super Wednesday” standing out, when both the Monetary Policy Committee (Copom) in Brazil and the Federal Reserve in the USA prepare to announce their decisions on interest rates. This environment of expectation has made investors more cautious, avoiding taking risky positions. In this scenario, the cocoa market performed remarkably. The price of cocoa fell 2.95%, being quoted at US$7,985 per ton. This movement was mainly influenced by favorable weather forecasts for the producing regions of West Africa. Forecasts indicate scattered rains and temperatures close to average for the next three days, which tends to be beneficial for cocoa crops. Recently, key cocoa-growing areas in Ghana and Ivory Coast received some rain, easing concerns about global supply. These rains were enough to improve crop conditions, contributing to the prospect of stable production in the coming months. Investors continue to pay close attention to weather ...