March ICE NY cocoa (CCH26) on Friday closed down -268 (-6.00%). March ICE London cocoa #7 (CAH26) closed down -206 (-6.41%).
Cocoa prices extended their two-week-long plunge on Friday, with NY cocoa posting a 2-year nearest-futures low and London cocoa posting a 2.25-year nearest-futures low. Demand concerns are hammering cocoa prices as consumers continue to balk at the high price of chocolate. On Wednesday, Barry Callebaut AG, the world's largest bulk chocolate maker, reported a -22% decline in sales volume in its cocoa division for the quarter ending November 30, citing "negative market demand and a prioritization of volume toward higher-return segments within cocoa."
