
March ICE NY cocoa (CCH25) Wednesday closed down -168 (-1.82%), and March ICE London cocoa #7 (CAH25) closed down -194 (-2.54%).
Cocoa prices were under pressure Wednesday due to increased cocoa supplies from Nigeria, the world's sixth-largest producer. Nigeria's Oct cocoa exports rose +15% y/y to 20,508 MT. Losses in London cocoa accelerated Wednesday after the British pound (^GBPUSD) rallied to a 1-week high, undercutting cocoa priced in sterling.