September ICE NY cocoa (CCU25) today is down -330 (-4.32%), and September ICE London cocoa #7 (CAU25) is down -258 (-5.10%).
Cocoa prices today are falling sharply, with NY cocoa sliding to an 8-month nearest-futures low and London cocoa slumping to a 17-month nearest-futures low. Weakness in global cocoa demand is hammering prices. The European Cocoa Association reported today that Q2 European cocoa grindings fell by -7.2% y/y to 331,762 MT, a bigger decline than expectations of -5% y/y. Also, the Cocoa Association of Asia reported that Q2 Asian cocoa grindings fell -16.3% y/y to 176,644 MT, the smallest amount for a Q2 in 8 years.
