September ICE NY cocoa (CCU24) on Tuesday closed down -751 (-8.74%), and September ICE London cocoa #7 (CAU24) closed down -519 (-7.37%). Cocoa prices plunged Tuesday and settled sharply lower as beneficial growing conditions in West Africa have improved the prospects for the cocoa crop. Forecaster Maxar Technologies said showers are expected to continue this week in most of the cocoa-growing regions of West Africa, “keeping soil moisture favorable for crop growth.” Higher cocoa futures margins have forced traders to reduce their cocoa positions, which has led to thin trading conditions and hi…