September ICE NY cocoa (CCU24) today is down -997 (-11.20%), and July ICE London cocoa #7 (CAN24) is down -681 (-8.19%).
Cocoa prices today have sold off sharply, with NY cocoa sinking to a 1-month low and London cocoa falling to a 2-1/2 week low. Reports of beneficial growing weather from cocoa farmers in the Ivory Coast and Ghana that should boost cocoa production have sparked fund selling in cocoa futures today. Demand concerns are also a negative factor for cocoa prices. Last Wednesday, chocolate producer Nestle SA predicted that consumers would cut back on chocolate purchases as the recent historic rally in cocoa prices gradually trickles down to manufacturers and forces them to raise prices.
