March ICE NY cocoa (CCH25) today is down -312 (-2.58%), and March ICE London cocoa #7 (CAH25) is down -173 (-1.79%).
Cocoa prices today are sharply lower, adding to Thursday's declines, as long liquidation pressure emerged after NY cocoa on Wednesday posted an all-time nearest-futures high and London cocoa posted an 8-month nearest-futures high. Cocoa prices rallied sharply earlier this week on the deterioration of the West African cocoa mid-crop outlook. Maxar Technologies warned that dry conditions in West Africa will hurt the early development of the mid-year cocoa crop harvested in April and that the arrival of the seasonal Harmattan winds could worsen the situation.
