March ICE NY cocoa (CCH26) on Wednesday closed down -158 (-4.67%), and March ICE London cocoa #7 (CAH26) closed down -170 (-6.97%).
Cocoa prices sold off sharply on Wednesday, with NY cocoa posting a 2.5-year nearest-futures low and London cocoa plunging to a 2.75-year low. International cocoa buyers are reluctant to pay official prices for beans in the Ivory Coast and Ghana amid concerns that prices will fall even further. Last week, Ghana cut the official price it pays its cocoa farmers by nearly 30% for supplies for the 2025/26 growing season, and Reuters reported on Wednesday that the Ivory Coast is considering a similar cut. The Ivory Coast and Ghana produce more than half of the world's cocoa.
