ICCO Reports Drop In Cocoa Prices

The International Cocoa Organization (ICCO) recently released their October 2014 Cocoa Market Report detailing a drop in cocoa prices. The ICCO daily price averaged US$3,101 per metric ton, in October, down by US$120 compared to the average price recorded in the previous month (US$3,221) and ranged between US$2,958 and US$3,197 per metric ton. The downward trend in price is due to favorable weather conditions along with positive expectations for the 2014/2015 main crop from West Africa, according to the ICCO. Full report.