March ICE NY cocoa (CCH26) today is down -706 (-11.62%). March ICE London cocoa #7 (CAH26) is down -451 (-10.33%).
Cocoa prices are plummeting today, with NY cocoa falling to a 6-week low and London cocoa sliding to a 1-month low. Cocoa exporters are taking advantage of this week's rally in cocoa prices to a 1-week high to lock in more favorable prices, as they place short hedges in cocoa futures against the upcoming West African cocoa harvest, sending prices sharply lower. Selling of cocoa futures accelerated today after the dollar index (DXY00) rallied to a 4-week high.
