December ICE NY cocoa (CCZ25) today is down -132 (-2.09%), and December ICE London cocoa #7 (CAZ25) is down -158 (-3.50%).
Cocoa prices today are sharply lower amid expectations of a global cocoa surplus driven by favorable West African weather and harvests. Chocolate maker Mondelez recently said that the latest cocoa pod count in West Africa is 7% above the five-year average and "materially higher" than last year's crop. The harvest of the Ivory Coast's main crop has just begun, and farmers are optimistic about its quality. Weather conditions in West Africa are generally favorable except for floods in Cameroon.
