December ICE NY cocoa (CCZ25) on Wednesday closed down -319 (-6.06%), and December ICE London cocoa #7 (CAZ25) closed down -256 (-6.32%).
Cocoa prices plummeted to 1.75-year lows on the nearest-futures chart on Wednesday as European Union nations are pushing for a one-year delay to the EU's Deforestation Regulation. The EU regulation, known as EUDR, aims to tackle deforestation in countries whose imports into the EU include key commodities such as soybeans and cocoa. The delay of the EUDR, which was expected to take place in late December, eases supply concerns and will allow EU countries to continue importing agricultural products from regions in Africa, Indonesia, and South America where deforestation is taking place.
